Your own apartment in NYC – it’s a difficult goal, but quite rewarding. The following steps can help you achieve this goal.
How much does an NYC apartment cost? Anywhere from $50,000 to upwards of $100 million (based on current Streeteasy listings). This massive range is a unique NYC characteristic and the final cost is influenced by what you are buying, where you are buying, and when you are buying.
The “what” covers everything from apartment type (condo, co-op) and size to age and amenities of the building. The “where” is all the location-related factors that influence the cost. “When,” or time, is another critical factor. Different market trends, interest rates, and even the time of the year can influence the cost of an apartment in NYC.
Based on the latest market data, the median sale price of a studio apartment in Manhattan is around $670,000 for a condo and over $430,000 for a co-op. For 2-bedroom apartments, the median price is about $1.27 million (co-op) and $1.95 million (condo).
In contrast, the median sale price for a condo in Brooklyn was just below $1 million and close to $550,000 for a co-op. For Queens, the latest data available is from earlier this year and puts the median sale price of a condo apartment at around $725,000 and a co-op apartment at around $315,000.
Most of Bronx’s current listings (condos and co-ops) fall below $500,000. The options are fairly limited in Staten Island (barely two dozen listings), but the range is extensive – from $125,000 to $1.2 million.
In conclusion, buying an apartment in NYC could cost anywhere between $300,000 and $2 million. The final price will heavily depend upon the borough, apartment type, apartment size, neighborhood, amenities, and market conditions.
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