How Much Does It Cost to Own a 2 Bedroom in NYC? (March 2024)

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. 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. 

Here are links to previous stats: 

July 2022

November 2022

March 2023

July 2023

November 2023

And here are the most current numbers: 

Infographic showing the median price, average monthlies, monthly average, and total monthly cost for a 2Bed/1 Bath in Manhattan during the month of March 2024.
Infographic showing the median price, average monthlies, monthly average, and total monthly cost for a 2Bed/2 Bath in Manhattan during the month of March 2024.
Infographic showing the median price, average monthlies, monthly average, and total monthly cost for a 2Bed/1 Bath in Brooklyn during the month of March 2024.
Infographic showing the median price, average monthlies, monthly average, and total monthly cost for a 2Bed/2 Bath in Brooklyn during the month of March 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 2 Bed/ 1 Bath apartments in Manhattan
Infographic showing total monthly price changes over time for 2 Bed/ 2 Bath apartments in Manhattan
Infographic showing total monthly price changes over time for 2 Bed/ 1 Bath apartments in Brooklyn
Infographic showing total monthly price changes over time for 2 Bed/ 2 Bath apartments in Brooklyn

What’s Behind the Numbers? 

These numbers are quite…something, aren’t they? Especially in Brooklyn. But there’s more to them than meets the eye. 

In Manhattan, much of the 2 bed/1 bath inventory can be found uptown, which tends to have a much lower price per square foot compared to the rest of the borough. Whereas, the 2 bed/2 bath segment has a much wider and more even distribution of listings. But the median for this category is being dragged up due to the presence of a high number of luxury listings. So this is why the price of a 2 bed/2 bath is more than double that of a 2 bed/1 bath. 

A similar situation is playing out in Brooklyn. A lot of the 2 bed/1 bath inventory in the borough is found in south or east Brooklyn, which has a lower price per square foot. And like Manhattan, 2 bed/ 2 bath inventory is more evenly dispersed across more neighborhoods. Also like Manhattan, there’s quite a few luxury listings in the batch. 

Does this mean the numbers aren’t helpful this month? Not necessarily. We can still see the impact of lower interest rates, particularly in Manhattan and in the 2 bed/1 bath segment overall. 

But it does mean that if you’re trying to decide whether or not it makes sense to buy a place, you can’t just rely on this high level data. Instead, you definitely need to be looking at neighborhood level data for specific segments. 

Although it’s worth noting that if you’re looking in upper Manhattan, south Brooklyn or east Brooklyn, then the buy signals are definitely still strong compared to renting. You can compare these stats to the most recent rental market numbers to see what I mean

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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