How Much Does It Cost to Own a 1 Bedroom in NYC? (February 2024)

*Looking for the most recent stats on how much it costs to own a 1 bedroom in NYC? Click here for updated numbers!*

Welcome back to “How Much Does It Cost to Own” – this time looking at the median 1 bedroom in NYC!

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 1 bedrooms! 

Here are links to previous stats: 

June 2022
October 2022
February 2023
June 2023
October 2023

And here are the most current numbers: 

Infographic showing the median price, average monthlies, monthly average, and total monthly cost for a one bedroom apartment in Manhattan during the month of February 2024.
Infographic showing the median price, average monthlies, monthly average, and total monthly cost for a one bedroom apartment in Brooklyn during the month of February 2024.

Now let’s get a visual on how median price and total monthly costs have shifted over time. 

Infographic showing total monthly price changes over time for one bedroom apartments in Manhattan
Infographic showing total monthly price changes over time for one bedroom apartments in Brooklyn

What’s Going on with the Numbers

Thanks to lower interest rates, the overall cost of ownership is down in both boroughs despite higher average monthly costs. 

Ownership is still markedly more expensive in Manhattan compared to renting, since the average rent for a 1 bedroom was $4,466 during the month of January 2024. However, finding an apartment below the median price with lower than average monthly costs could make ownership a more appealing choice for someone looking to stay longer term. It’s also worth noting that interest rates are expected to decline within the next year or so, so a buyer would have an opportunity to refinance. And this could bring the cost of owning even more in line with renting. 

Brooklyn one bedroom renters should definitely consider buying if they’re thinking of staying in place for several years. The cost of ownership is right on par with the average rent for a one bedroom in the borough which was $3,736. And if the rental market continues its trends, that number isn’t likely to go down significantly any time soon. 

Brooklyn buyers are even poised to realize savings via ownership if they can find something below the median price with lower monthlies. But always remember –  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 and vice versa. 

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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