*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 to own a studio was up in both boroughs thanks to higher interest rates which hovered around 7% compared to 6.74% back in January. But interest rates weren’t the only reason for the uptick. Asking prices for studios in both Manhattan and Brooklyn also increased. 

This may be due to more listings in more expensive neighborhoods. But even if there is an overall increase in pricing happening, it may not be sustained. Interest rates are stubbornly higher than hoped. And uncertainty in the bond market, which tracks more closely with mortgage interest rates, is likely to keep them high. So this might act like a lid on prices. 

Rent vs Buy

In Manhattan, it makes more sense to rent than it does to own, as the average rent for April 2025 stood at $4,428. But this is a narrower gap compared to January 2025, and it shows how quickly rents have been rising. 

In Brooklyn, owning beats out renting to the tune of more than $400, with average studio rents at $3,270 for the month of April. But keep in mind that this is a boroughwide figure. The rent versus buy equation is going to differ across areas. And there’s also the matter of inventory. No sense in trying to buy if there isn’t anything out there that you actually want. 

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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.