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, 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 2 bedrooms!
Two bedrooms are essentially the “bread and butter” of the sales market in NYC and are the most in demand properties. But they also have some of the widest variations in pricing due to differences in bathroom counts and square footage.
So for that reason, this edition has four rather than two infographics. But keep in mind that 2 bed/2 bath stats can be heavily skewed by luxury new developments. So don’t be too discouraged by the pricing for those! You can always contact me for more details on specific areas and property types.
Now let’s get a visual on how median price and total monthly costs have shifted over time.
The median cost of owning a 2 bed/1 bath in Manhattan went down overall thanks to lower asking prices. But the median cost of owning a 2 bed/1 bath in Brooklyn went up. This was largely due to increases in median monthly charges. If median monthly charges were more consistent with past data, the cost would have been lower compared to the previous period due to lower asking prices as well. Meanwhile, the median cost for owning a 2 bed/2 bath was level in Manhattan, but went up sharply in Brooklyn. The increase there was most likely due to the combination of high demand and low inventory for this segment.
Owning beats out renting in Manhattan if you’re looking for a 2 bed/1 bath, since the most recent average rent for the borough was $6215. But if you’re looking for that second bathroom, you’ll need to be in it for the long haul for it to make financial sense. And it’s basically the same story in Brooklyn. If you’re okay with 1 bathroom, then now’s the time to get out there and start looking at your buying options. But those who want 2 bathrooms should have a pause and think about their long term goals and needs.
Speaking of looking for a place to buy instead of rent…
If you want to see some specific listings in each area or get specific market stats, get in touch! You can contact me here.
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