*Looking for the most recent stats on how much it costs to own a studio in NYC? Click here for updated numbers!*

Welcome back to “How Much Does It Cost to Own”!

Each month, we’ll be looking at different sized apartments to get a sense of what the “median” apartment in either Manhattan or Brooklyn currently costs. This series should give you an idea of whether or not you’re in the “ballpark” for the kind of apartment you might want! 

Keep in mind that these figures represent the median for all building types. So coops, condos, walkups, elevators, doorman and non-doorman, amenities, low amenities – they’re all looped in together. 

So let’s loop back to studios!

Now let’s get a visual on how median price and total monthly costs have shifted over time. 

What’s Going on with the Numbers

The cost of owning a studio was up in Manhattan due to higher interest rates compared to September 2024 (6.74% versus 6.15%) and higher average monthly carrying costs. But the increase was kept in check thanks to a lower overall median asking price 

The cost of owning a studio in Brooklyn also increased, but just barely – up $54 to be exact. 

A decline in median asking prices (down by $5,000) plus lower monthlies offset higher interest rates.

Rent vs Buy

In Manhattan, renting easily beats out owning to the tune of more than $911 per month. But you can seriously narrow the gap if you can find a building with carrying costs under $1000. If you’re open to walk ups and basic elevator buildings, that’s actually not too hard of a feat. 

Meanwhile in Brooklyn, the buy signals continue to be quite strong. The gap has narrowed since the last quarter due to higher interest rates. But it still sits at more than $600 less than renting. So if you have a down payment saved up plus some extra cash, then you really need to consider making the switch to owning. 

The caveat of course is whether or not you actually like the available inventory that’s out there. Remember these figures are boroughwide. So the rent versus buy equation will vary depending on where you’re looking in Brooklyn. 

Want to see how the rent versus buy equation shapes up for your desired neighborhoods? Get in touch with me and I’ll send you a customized report based on the areas and property types you’re interested in. You can contact me here.