*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

Prices in Manhattan are seeing a meaningful increase compared to the prior period thanks to a combination of higher asking prices and much higher average monthlies. The increase was moderated by lower interest rates, which currently sit around 6.3% compared to 6.5% back in October.

By comparison, Brooklyn prices have remained fairly level compared to the prior period. Average monthlies are up only slightly. And the median asking price remained the same as October. So that combined with a lower interest rate meant that the cost of owning is just $14 more per month than 6 months ago. 

Renting vs Owning – Which Wins Out? 

In Manhattan, renting still beats out owning to the tune of just under $1,000 per month. However, it’s important to remember that for this go round, the average monthly maintenance was pretty high at $2,403 per month. If you can find an apartment priced at or below the median with monthly charges equal to or less than $958 per month, then the balance tips in favor of owning. As of the date of this post, there are more than 70 one bedroom listings across the borough that are priced at or below the median with monthly charges less than $958. 

In Brooklyn, owning readily beats out renting, as you’ll save yourself more than $500 per month.

But as always, the caveat is whether or not the inventory you want is actually on the market. 

The overwhelming majority of median priced 1 bedroom listings are in east and south Brooklyn. Great news for folks looking to make the switch to ownership who want to be in those areas. But, if you’re hoping for northern or western Brooklyn, you’ll need to expect to pay more and the rent versus buy equation may not work out for you.