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 get a visual on how median price and total monthly costs have shifted over time.
Lower prices plus lower interest rates brought down the overall cost of home ownership in both boroughs. But the effect was much more pronounced in Brooklyn, thanks to a steep quarterly decline in cost. To the tune of $55,000 to be precise. In fact, this is the lowest all-in monthly cost for studios since I started tracking.
In Manhattan, renting still beats out buying since the average rent for a studio was $3,306 in December 2023. But if you can find a building with lower monthlies ($600 to $700), owning makes more sense if you plan to be in place for several years.
In Brooklyn, it’s a much more straightforward case. Owning easily makes more financial sense given that the average monthly rent in December 2023 was $3,120. But the key, of course, is where you’re looking. It may be cheaper to own, but you may need to move to a less expensive neighborhood to make it so. Either way, buying should be under serious consideration if you have the liquidity and you’re staying put for a bit.
Thinking about seeing what’s out there for sale? 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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