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, no amenities, new development – they’re all looped in together.
So let’s turn our attention this month to 3 bedrooms! Like 2 bedroom apartments, this one requires some special additional notes.
Next to 2 bedrooms, 3 bedroom properties are some of the most in demand properties in the city (and sometimes even in more demand, depending on the area). But they also have wide variations in pricing due to differences in square footage and bathroom counts.
So for that reason, this edition is going to have four rather than two infographics. But keep in mind that 3 bed/2 bath stats are being heavily skewed by luxury new developments. So don’t be too discouraged by the pricing for those!
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.
The numbers in Manhattan may look very surprising for 3 bed/1 bath listings. But there’s a good reason behind them. There’s not a lot of 3 bed/1 bath inventory throughout the borough. And most of the available listings are uptown which tends to have a much lower price per square foot. Finally, some of the properties are HDFC properties, which also tend to have a lower price per square foot.
We see a similar reason behind pricing in Brooklyn as well. Most of the 3 bed/1 bath inventory is in south and east Brooklyn, where price per square foot is significantly less than in the northern and western parts of the borough. But that being said, Brooklyn has a much higher inventory overall of these types of properties. So bargain hunters – that might be where you want to go!
For 3 bed/2 bathrooms the numbers aren’t too surprising. They’re pretty high in both boroughs. This is largely being driven by more luxury listings in more expensive neighborhoods.
Owning beats out renting pretty easily for 3 bed/1 bath apartments in Manhattan and Brooklyn. The median rent in July 2023 for 3 bedrooms in Manhattan was $9,207 and in Brooklyn it was $5718. And the equation is much easier in Brooklyn as well for 3 bed/2 bathroom. If you’re thinking of staying for the long haul, paying an extra $100 to $200 makes sense!
But if you’re thinking of a 3 bed/2 bath in Manhattan, you’ll need to be prepared for it to be an expensive decision at the moment. Do yourself a favor and try to find a building with low monthly carrying costs!
Want to see some specific listings in each area? Get in touch and I’ll send you a round up!
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