Welcome back to my series “How Much Does It Cost to Own”!

Each month, we’ll look 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, no amenities, new development – they’re all looped in together. 

So let’s turn our attention this month to 3 bedrooms!

Three bedroom properties are some of the most in demand properties in the city. And sometimes they’re even in more demand than 2 bedroom apartments, depending on the area. But they also have wide variations in pricing due to differences in square footage and bathroom counts. 

So for that reason, this edition has four rather than two infographics. But keep in mind that 3 bed/2 bath stats are skewed by luxury new developments. So don’t get too discouraged by the pricing for those! 

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

What’s Behind the Numbers

The cost of owning a 3 bed/1 bath rose slightly compared to the prior period. Lower interest rates combined with much lower asking prices did not offset a rise in average monthly carrying costs. But lower asking prices were enough to push down the cost to own a 3 bed/2 bath in the borough. A $90,000 decline plus lower interest rates pushed costs down to one of the lowest levels seen since last year.

In Brooklyn the overall cost of ownership is up compared to April 2025. This was thanks to a higher number of higher priced small single family listings in South Brooklyn. But similar to Manhattan, the cost of ownership is down for 3 bed/2 baths. This is due to a combination of lower asking prices, average monthlies and mortgage rates. This is a very rare combination as of late in the face of stubborn interest rates. 

Should You Rent or Buy? 

If you’re trying to decide between renting and buying in Manhattan, then owning is going to be your better bet for a 3 bed/1 bath apartment. The average rent for July 2025 was $10,916, more than $5500 higher than owning. But this recommendation comes with a big caveat. The reason prices declined so much for 3 bed/1 bath is due to a higher percentage of inventory uptown. And many of these listings are HDFC properties which typically have asking prices are below market. So this is why it’s always important to look at the rent versus buy numbers on a case by case basis. 

For 3 bed/2 bath apartments, renting makes more sense, since the cost of owning was $2,352 more than renting. Although this gap is higher than what we saw back in April 2025, it’s still smaller than previous periods. So if you think you’ll stay in place for a long time (more than 5 to 7 years), owning may make more sense for you. (Note: you can use this handy calculator from the NY Times to get a better sense of the time frame you might need for the numbers to make sense.)

In Brooklyn, owning actually beats out renting for the first time in a long time in both categories. 

For 3 bed/1 bath, owning is $2,208 cheaper than the average July 2025 rent of $7,151. And for 3 bed/2 bath apartments, owning is $882 cheaper. 

But, of course, I have another caveat for you. 

The reason for the lower price difference has to do with more available inventory at lower price ranges compared to the previous period. This isn’t a bad thing. It’s quite good if the inventory is in areas you’re actually interested in. If inventory is relatively sparse in your desired areas, then prices are going to be more expensive (remember – supply and demand is a thing). So again, you have to view the situation on a case-by-case basis.