Being a Manhattan homeowner got even more expensive last year.
In the fourth quarter, the monthly costs of owning a condo in the borough surged 8.6% from a year earlier, according to Miller Samuel Inc., which tracks the fees charged per square foot as condos change hands. That far outpaced the rate of U.S. inflation last year, which was 2.9% in the same period.
It’s the latest sign that financial pressures in the city are ramping up, even for the New Yorkers who can afford to own a place. Condo and co-op boards bill owners monthly for utilities, labor and basic maintenance, all of which have risen significantly for the past few years. Insurance has also become more expensive as the market grapples with the fallout from major lawsuits.
Rising condo costs also reflect the phasing out of tax abatements for construction rehabilitation projects that were completed in the late 2000s and into the 2010s, said Jonathan Miller, president of Miller Samuel. The breaks were offered for properties that include some affordable housing units, but they generally taper off over the course of the first 10 or 15 years after construction is completed.
Miller also said the citywide average was likely higher because of transactions in large, higher-priced newly developed buildings, since his data track the fees for sales that are completed during a quarter.
For co-ops, monthly ownership costs were fairly stable in 2024 and increased just nearly 0.1% in the fourth quarter from the same period a year earlier.
Expenses for the city’s homeowners could rise even more in the next 12 months. Tariffs risk pushing up energy costs even more. And New York power provider Consolidated Edison Inc. has asked the state to approve raising electric bills by 11.4% starting Jan. 1, 2026.
