*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 overall cost of homeownership was down for 2 bed/1 bathroom apartments in Manhattan compared to the prior period. Lower median asking price along with slightly lower average monthlies helped to offset higher interest rates. 

By contrast, the 2 bed/2 bathroom median asking price and average monthlies in the borough were higher compared to July 2024. This in turn led to higher ownership costs for this category. But much of the increase in price was due to a higher number of luxury listings selling during the period. 

Meanwhile in Brooklyn, the cost of homeownership for 2 bed/1 bathroom saw similar patterns as Manhattan. A lower median price plus lower average monthlies meant the overall cost of owning a home declined compared to the prior period.

But the borough also mirrored Manhattan when it came to 2 bed/2 bathroom apartments. The cost to own increased compared to the prior period. However, unlike Manhattan, the increase was due to interest rates and higher monthly carrying costs, not asking price. For buyers who were able to find lower monthly carrying costs, the cost to own was actually lower than it was in July 2024. 

If you’re trying to decide between renting and buying, ownership is the clear winner if you’re hoping to purchase a 2 bed/1 bathroom apartment. The average price to rent a 2 bedroom in Manhattan was $7,011 – nearly $900 per month more than owning. And in Brooklyn, the average asking rent was $4,967 – more than $1100 per month compared to owning. 

But those hoping to buy a 2 bed/2 bathroom in both boroughs are really faced with a challenging decision. Rents continue to rise on an annual basis, but the cost of owning is much more expensive than renting. So if you want to make the transition to home ownership, it may make sense to explore strategies such as looking in lower priced neighborhoods or doing a larger down payment to bring down your monthly costs. 

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