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

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. 

What’s Going on with the Numbers 

The cost of ownership declined meaningfully in both boroughs over the last few months. In Manhattan, the cost was down by $284 compared to the prior period. And in Brooklyn the cost was lower by $298. 

The decrease in cost was due to two factors. First – interest rates declined to some of the lowest levels seen since last year. It was a stark difference from the prior period when they hovered around 7%.

Second – the median asking price also declined in both boroughs – by $14,000 in Manhattan and a much more substantial $44,000 in Brooklyn. This was likely due to a larger amount of lower priced inventory hitting the market in September (which is one of the highest listing periods of the year). 

Rent vs Buy

In Manhattan, renting still beats out owning, since the average studio rented for $3,764 in August 2025. However, the gap between the two was under $400. So, if you can find a below median priced studio with low carrying costs, there’s a good chance the rent versus buy equation could work out in favor of owning. 

In Brooklyn, owning easily beats out renting. The average rent in August 2025 was $3,316, nearly $800 more than owning. But Brooklyn remains inventory challenged. So, finding an affordable studio that you want could be tricky. But as mentioned previously, September tends to be a higher inventory month. So, now’s a good time to take a look around and see what’s out there. 

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