*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 was down in both boroughs thanks to lower interest rates. We’re now actually flirting with potentially going (and staying) around or below 6% for the first time since 2022. So this milestone has the potential to save buyers hundreds of dollars per month.

Ownership costs in Manhattan are only down modestly due to asking prices being only slightly lower than the prior period of this report. Brooklyn on the other hand is seeing a very steep decline in costs, since asking prices are down by $70,000 compared to the prior period.  

But buyers shouldn’t get too excited. This decline is mostly due to a shift in where the bulk of inventory is located. Currently, there’s a number of lower priced apartments in southern and eastern Brooklyn, which tends to be far less expensive than central, northern and traditional brownstone Brooklyn. In those areas, the median price is around $516,000 – nearly double the median price for the borough as a whole.  

Rent vs Buy

In Manhattan, renting beats out owning by $376 per month, with the current median asking rent sitting at $3,659. However, if you can find a building with monthly carrying costs below $1,112 per month, then the balance shifts in favor of owning. And that’s not exactly a difficult thing to accomplish. As of the date this post is being published, there are more than 100 median priced apartment listings which could fit the bill. 

In Brooklyn, owning easily beats out renting to the tune of nearly $1,400 per month, with the current median asking rent at $3,475. But remember my earlier caveat – most of the inventory around the median price is in south and eastern Brooklyn. So don’t assume you’ll save yourself big bucks in other more in demand neighborhoods further west. It’s always important to do a neighborhood by neighborhood assessment of the rent versus buy equation.

And speaking of which…