*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”!

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! 

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

What’s Behind the Numbers

Lower interest rates brought down the cost of ownership in Manhattan and Brooklyn. Asking prices and monthly carrying costs remained mostly the same in Manhattan. Whereas asking prices dropped ever so slightly in Brooklyn. 

For the most part, things have remained relatively stable for 1 bedroom costs in both boroughs outside of interest rates. The stability is particularly evident in Brooklyn where the overall cost of ownership has only fluctuated up or down by about $200 since October 2023. This is good news for buyers who are just now entering the market. And lower interest rates may result in not just lower overall costs, but possibly more inventory if the seller “lock in” effect is finally broken. 

Renting vs Owning – Which Wins Out? 

Renting beats out owning in Manhattan, since the average rent for a 1 bedroom in September 2025 was $5,140. However, owning is the better choice if you can find a home with monthly carrying costs below $1,200. That’s not such a hard feat. At the time of this post, there were more than 250 active listings with maintenance or common charges plus taxes below that amount. 

In Brooklyn, owning is a clear winner. The average rent for a 1 bedroom in September 2025 in the borough was $4,027. So you’d be paying an extra $400+ a month as a renter. That’s a pretty big difference. But the caveat here – as it’s been for quite some time – is that inventory varies widely across the borough. Some areas have a limited selection of 1 bedroom apartments for sale while others have a relative plethora. So it all depends on where you’re looking.