How Much Does It Cost to Own a Studio in NYC? (May 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!
Now let’s take a look at how the monthly cost has changed over time by comparing it to past data.
Thanks to higher interest rates, the total monthly cost of ownership has gone up again. But it really shot up in Manhattan. So what gives?
It’s all about the inventory composition. A number of more expensive studios hit the market in Manhattan as part of a influx of new inventory during the month of April. And that’s contributing to driving up the price. Additionally, these more expensive studios also had higher carrying costs.
Brooklyn, on the other hand, didn’t see as drastic of an increase because carrying costs remained pretty similar to previous months. So the increase we’re seeing is primarily being driven by higher interest rates.
Despite the higher prices, it may still make sense to consider buying a place. Rents are starting to skirt all time highs in Manhattan. If you can find a spot where your all in costs are at or below $3350 a month, then it’s time to consider buying.
And in Brooklyn, the “buy” signals are even stronger. The average price for studios came in at $3075 during the month of April, making it higher than the median cost of ownership.
Want to see some specific listings in each area? Get in touch and I’ll send you a round up!
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