How Much Does It Cost to Own a Studio in NYC? (Jan 2023)
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 January 2023.
Now that we have three quarters’ worth of data under our belt, let’s get a visual on how median price and total monthly costs have shifted over time.
What’s Going on with the Numbers
Total monthly costs are increasing over time due to higher interest rates. However, it looks like prices are adjusting to account for that. This is good news for buyers because it means their total monthly outlay is stabilizing. In fact, the total monthly cost now more closely resemble levels seen back when interest rates were at 5.5%.
Renting is probably still a more appealing option for those in Manhattan, unless you can find a building with low carrying costs.
But Brooklyn’s another story. Current total monthly to purchase a studio is actually quite a bit below December’s studio median price of $2,779. So if you think you’re going to stay put for several years, it might be time to put some feelers out!
Speaking of which…
If you want to see some specific listings in an area or talk about your possible home search, get in touch! You can contact me here!