*Looking for the most recent stats on how much it costs to own a 2 bedroom in NYC? Click here for updated numbers!*

Welcome back to my series “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 would cost. 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, new development – they’re all looped in together. 

So let’s turn our attention this month to 2 bedrooms! 

Two bedrooms are essentially the “bread and butter” of the sales market in NYC and are the most in demand properties. But they also have some of the widest variations in pricing due to differences in bathroom counts and square footage. 

So for that reason, this edition has four rather than two infographics. But keep in mind that 2 bed/2 bath stats can be heavily skewed by luxury new developments. So don’t be too discouraged by the pricing for those! You can always contact me for more details on specific areas and property types. 

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 to own a 2 bed/1 bath in Manhattan increased compared to December 2024, but not by much. This was thanks to a combination of lower interest rates and average monthlies staying roughly the same. 

Meanwhile, the price of 2 bed/2 baths in the borough came down. Despite slightly higher monthly carrying costs, lower asking prices plus lower interest rates brought down the monthly cost of ownership by $139 compared to the prior period. 

In Brooklyn, the cost of owning a 2 bed/1 bath stayed roughly the same, increasing just $96. Lower interest rates offset higher asking prices and slightly higher monthlies. 

By contrast, the cost of owning a 2 bed/2 bed in the borough increased by more than $400. The reason? Higher asking prices, which were kept in check thanks to lower monthly charges and lower interest rates. But the reason for the higher prices was primarily due to more inventory in more expensive neighborhoods coming online, as opposed to a true boroughwide shift upwards. 

If you’re trying to compare renting to owning, then owning is the clear winner in Manhattan when it comes to 2 bed/1 bath apartments. The median rent for a 2 bedroom in Manhattan was $7,433 for the month of February 2025. This was $1100 more per month than renting. Granted, this figure includes rentals with 2 bathrooms. But with that kind of difference, having just one bathroom may make the trade off worth it. 

It’s a different story for 2 bed/2 bathroom apartments. The difference was a whopping $5500+ per month. But there’s a big caveat here. Manhattan has a wide variety of property types within the 2 bed/2 bathroom category. Everything from simple walk ups to the most luxurious of new developments. The latter tends to drag 2 bed/2 bath prices much higher. So it’s really key to look at things on a case by case basis here.

The rent versus buy equation is similar in Brooklyn, but there’s a much smaller gap between owning versus renting in the 2 bed/2 bath segment (we’ll get to that in just a moment). 

For a 2 bed/1 bath, owning is the clear winner. The cost of owning was more than $1000 less than the average rent for a 2 bedroom in the borough, which was $4,888 for the month of February 2025. 

Renting beat out owning in the borough for 2 bed/2 baths, as previously mentioned. But the difference was just under $2600. That’s still quite a significant chunk of changes. But it’s much less than the $5K plus difference in Manhattan. And keep in mind that just like Manhattan, the ownership figure includes luxury new developments, which have price points well in excess of $2 million. So take this information as a general indication of whether should investigate buying a home further and not conclusive evidence as to whether or not you should or shouldn’t buy. 

Speaking of which…

If you want to see some specific listings in each area or get specific market stats, get in touch! You can contact me here.