*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 coops, 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

Despite an increase in both asking price and interest rates, the cost of owning a 1 bedroom in Manhattan went down ever so slightly compared to February 2025. The reason? Lower monthly charges – $1938 for this month compared to $2147. This just goes to show why keeping a close eye on those monthlies is such an important aspect of determining affordability. 

Brooklyn, on the other hand, saw an increase in the cost of ownership. Average monthlies stayed exactly the same as February 2025. But the jump in asking prices (from $500,000 to $530,000) plus the increase in interest rates took the overall cost higher. 

Renting vs Owning – Which Wins Out? 

In Manhattan, renting beats out owning quite easily. The average for a 1 bedroom rental in the borough was $4,960 in May 2025. That’s $1082 less than the cost of owning. But it’s important to note that this gap is quite a bit smaller compared to the one we saw in February. At that time, the difference between owning and renting was $1440. This really underscores how rapidly rents have been rising. So if you can find an apartment where the monthly carrying costs are under $1,000 per month, then owning is likely your better long term bet. 

In Brooklyn, owning beats out renting, but just by a little bit. In May 2025, the average rent for a 1 bedroom was $3,926 – $168 above the cost of owning. The caveat – as always – is what you want to buy and where. Inventory is looking a lot better throughout the borough compared to past years. But it’s not exactly robust and evenly distributed. So you need to focus on location and property specific data to help you decide between renting and owning. 

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.