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. Over time, as we loop through each property type, we’ll start to be able to see if prices are trending upwards or downwards. But most importantly, 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 1 bedrooms!
Numbers below were calculated using real time stats from Urban Digs for the month of October 2022.
Looking for information about studios? Click here for the most recent update on pricing!
Prices are down for 1 bedroom apartments in Manhattan compared to June of this year. But they remained about the same in Brooklyn. However, the monthly cost of actually owning one has gone up significantly due to the huge rate increases that have occurred in the last four months.
But that being said, for some folks, it might still make more sense to own than it does to rent. In particular in Brooklyn. If you can find homes with average monthlies of less than $800, then ownership makes more sense, since the average rent for 1 bedrooms in the borough was $3,534 in September. And this isn’t a difficult feat to achieve – more than 400 1 bedroom listings had monthlies less than $800 at the end of October 2022.
Want to see some specific listings in each area? Get in touch and I’ll send you a round up!
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