Welcome back to “How Much Does It Cost to Own”! This time around we’re looking at how much does it cost to own a 1 bedroom in NYC for the month of October 2023.
We’ll be looking at different sized apartments to get a sense of what the “median” apartment in either Manhattan or Brooklyn currently costs. The figures 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 numbers 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 check out the situation with 1 bedrooms!
Now that we have three quarters’ worth of data under our belt, let’s get a visual on how much the median price and total monthly cost of owning a 1 bedroom in NYC have shifted over time.
Renting is looking a lot better than buying in the borough since the median rent was at $4514, and rents seem to be stabilizing. If you can find an apartment with very low monthlies (below $1000), then owning may be a better bet if you think you’ll be in place for at least 4 to 5 years.
Meanwhile, the median price in Brooklyn is up, which may not necessarily reflect an actual overall increase in pricing for 1 bedroom units. But rather a higher share in more expensive neighborhoods compared to the previous 3 months
Like Manhattan, monthlies are roughly the same as they were last quarter, but the overall cost has gone up due to interest rates. However, unlike Manhattan, buying is still a better proposition. The median rent for a 1 bedroom in Brooklyn in September 2023 was $3757, which is right on par with all inclusive monthly ownership costs.
That being said, the rent versus buy equation will vary widely depending on the neighborhood. The further above the median you are, the less ownership makes sense compared to renting.
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!
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