*Looking for the most recent stats on how much it costs to own a 1 bedroom 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 co-ops, condos, walkups, elevators, doorman and non-doorman, amenities, low amenities – they’re all looped in together. 

So let’s loop back to 1 bedrooms! 

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

What’s Behind the Numbers

The monthly cost of ownership for a 1 bedroom in Manhattan shot up thanks to increases in all three cost factors – median asking price, monthly charges and mortgage interest rates. 

But prices aren’t necessarily marching upwards overall in the borough. Instead, the median increased due to an influx of new, higher priced properties. Out of 1200+ listings on the market, more than 300 of them were priced above $1 million. That’s a big enough chunk of the market to easily drag asking prices upwards. So if you’re looking for a 1 bedroom, don’t despair about the increase – more than 600 listings were priced below $759,000 throughout the borough.

Brooklyn buyers had more reason to be happy since the borough showed the opposite trend. Despite higher interest rates, the median asking price was significantly lower compared to October 2024. So this led to the overall cost of ownership decreasing by $219 compared to October 2024. 

Renting vs Owning – Which Wins Out? 

In Manhattan, renting clearly beats out owning, thanks to higher costs. The average rent for a 1 bedroom in the borough sat at $4,665 for the month of January 2025.  However, if you can find a building with carrying costs at or below $1000 per month, then the gap between the two of them closes significantly. And remember – it’s not too tough to find a 1 bedroom in lower priced walk ups and elevator buildings. The borough is full of them.  

By contrast, owning is yet again the clear winner in Brooklyn. The median rent for a one bedroom was $3,773 in the borough which is more than $200 per month compared to owning. In fact, the cost of owning a 1 bedroom is at one of the lowest levels we’ve seen since October 2022, despite high interest rates. And with the spring sales market just around the corner, buyers can look forward to more options in the coming weeks and months. Just keep in mind the caveat that these numbers are boroughwide. So the rent versus buy equation will vary from neighborhood to neighborhood across Brooklyn. 

Speaking of which…

If you want to see how the rent versus buy equation works out for specific areas, get in touch with me! I’ll create a customized report just for you.