*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 is up across the board in both boroughs. This is largely due to higher mortgage interest rates which rose from 6.0% in March 2026 to around 6.65% as of the date of this post. That increase alone would have been enough to shift costs significantly higher. 

But we’re also seeing higher sales prices and higher monthly carrying costs. The reason? In both boroughs, there are currently more studio listings in more expensive neighborhoods and buildings than in the previous report. 

Rent vs Buy

In Manhattan, renting beats out owning to the tune of $800 per month since the median rent for studios in the borough sits at $3600. However, if you can find a median priced apartment under $900 per month, then the pendulum swings back in favor of ownership. And that’s not a tall order. As of the date of this post, there were almost 50 studios available for sale that meet these metrics. 

In Brooklyn, owning beats renting, since you’ll save yourself just over $400 per month compared to renting. But keep in mind that the rental price for studios is being skewed upwards due to the presence of a large number of studios in doorman buildings in areas such as Gowanus, Fort Greene, and Downtown Brooklyn. So the rent versus buy equation will look different depending on which neighborhood you’re in. That being said – if you are in those neighborhoods, then you should definitely consider if buying might make more sense. 

The Mortgage Tax Deduction

One final note – there’s always another number that needs to factor into the rent versus buy equation which I haven’t discussed previously. That’s the mortgage tax deduction. It can result in savings of a few hundred dollars per month. But exactly how much varies widely based on property type and the property’s specific financial circumstances. So be sure to speak with your tax professional to learn more. 

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