How Much Does It Cost to Own a Studio in NYC? (Sept 2022)
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! Numbers below were calculated using real time stats from Urban Digs during the month of September 2022. Please note that these figures were calculated prior to any subsequent interest rate increases towards the end of September.
Prices for studios in both Manhattan and Brooklyn are down since our last report. But this decline is offset by higher interest rates. So overall monthly costs for both are slightly higher than they were back in May. But not too much higher.
If you’re trying to decide between renting and buying Manhattan, then buying might make some sense, since the median rent in September for studios was $3,341.
But for Brooklyn, the decision is much more clear cut. With median rents for studios at $3,165, owning makes a lot more sense. Especially if you think you’ll be staying put for at least 3 to 5 years. (P.S. Check out this great calculator from the New York Times which helps you figure out if you should be renting or buying.)
Want to see some specific listings in each area? Get in touch and I’ll send you a round up!