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Cost of Living in Brooklyn

Is it better to rent or buy in Brooklyn? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$16,487
$433/mo

Median in area: $433

$36,800

Median in area: $36,800

$7,360

If you Rent

🔑
$674 /mo
Base Rent$433
Est. Utilities$241
% of Income49.1%
Pre-tax Residual$700

If you Buy

🏠
$531 /mo
P&I (6.994%)$196
Taxes & Ins$94
Est. Utilities$241
% of Income38.6%
Pre-tax Residual$843

Cost of Living FAQs

Is it cheaper to rent or buy in Brooklyn?›

Based on median housing data, buying is currently more affordable on a monthly basis in Brooklyn. The estimated all-in monthly cost for renting is $674, while owning a median-priced home with a 20% down payment is roughly $531 per month (a difference of $143).

How much do utilities cost in Brooklyn?›

The average monthly utility cost (electricity and natural gas) for a typical home in Brooklyn is approximately $241. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Brooklyn?›

To comfortably afford the median rent and utilities in Brooklyn without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $26,960 per year.