Can I Afford Park Slope? Here’s What the Numbers Say in 2025

Park Slope has long had a reputation as one of Brooklyn’s most desirable—and expensive neighborhoods. If you’re asking, “Can I afford to buy here?” you’re not alone. Whether you're a first-time buyer, trading up, or simply comparing costs to renting, it's helpful to see the numbers laid out.

This guide breaks down what it costs to own different types of homes in Park Slope in 2025—from a starter one-bedroom co-op to a fully renovated two-bedroom condo to a multi-unit townhouse. We also compare monthly ownership costs to average rent so you can decide whether buying makes financial sense right now.

If you’re serious about planting roots in the neighborhood, these are the numbers that matter. And if you’re not sure what’s realistic for your budget, we’ll show you where buyers are finding value and how Decode helps clients navigate this high-stakes market with confidence.

What It Costs to Own in Park Slope in 2025

Let’s break it down by property type and realistic price points for today’s market.

Starter 1-Bedroom Co-op

• Purchase Price: $725,000
  
  

• Down Payment (20%): $145,000
  
  

• Monthly Maintenance: $850
  
  

• Monthly Mortgage (5.5% rate): ~$3,300
  
  

• Monthly All-In Cost: ~$4,150
  
  

These units are typically walk-ups, 600–700 square feet, with pre-war layouts and shared laundry. They're most common in the Center and South Slope.

Compared to Renting: A comparable 1-bedroom rents for ~$3,700/month. The cost of ownership is higher, but it provides stability and builds equity.

Renovated 2-Bedroom Condo

• Purchase Price: $1.55M
  
  

• Down Payment (20%): $310,000
  
  

• Monthly Common Charges + Taxes: ~$1,500
  
  

• Monthly Mortgage: ~$6,950
  
  

• Monthly All-In Cost: ~$8,450
  
  

You’ll get modern finishes, 2 real bedrooms, and often outdoor space or an elevator. These are popular with couples and young families.

Compare to Renting: A 2-bed with similar finishes rents for $6,000–$6,500/month. Buying offers long-term value and tax advantages, but you need capital upfront.

3-Unit Townhouse

• Purchase Price: $3.75M
  
  

• Down Payment (20%): $750,000
  
  

• Monthly Taxes: ~$1,200
  
  

• Monthly Mortgage: ~$16,750
  
  

• Monthly All-In (Owner-Occupied): ~$17,950
  
  

• Rental Income (from 2 units): ~$8,000–$10,000
  
  

• Net Monthly Cost: As low as ~$8,000–$10,000
  
  

These buildings are typically 20 feet wide, legal two- or three-family layouts, with garden or parlor-level rentals. Popular among move-up buyers or long-term investors.

Compare to Renting: Large single-family rentals are rare and start around $10K/month, often without income potential.

What You Get at Each Price Point

Decode Tip: Budgeting isn’t just about price. It’s about monthlies, renovation risk, and long-term value. We help you model all of it clearly.

Renting vs. Buying in Park Slope

Median Rents in 2025:

• 1BR: $3,700/month
  
  

• 2BR: $6,200/month
  
  

• 3BR: $8,500+/month
  
  

• Townhouse (entire): $10,000–$15,000/month
  
  

Buying beats renting over time if:

• You’re planning to stay 5+ years
  
  

• You want to lock in costs and build equity
  
  

• You can handle the upfront cash requirements
  
  

When Renting Might Make More Sense:

• If you need short-term flexibility
  
  

• If your job or family plan is in flux
  
  

• If your down payment isn’t yet realistic
  
  

What First-Time Buyers Ask Us Most

“Is it really worth it to stretch my budget?”

It depends. If stretching gets you outdoor space, school zoning, or long-term layout flexibility, it may be worth it. We help buyers map this out before making the leap.

“How much do I need to have saved?”

For co-ops and condos, most lenders expect 20% down, plus closing costs (about 2–3% more). Townhouses require more cash reserves and sometimes additional renovation budget.

“What’s the trade-off between co-op and condo?”

Co-ops have lower price tags and monthly costs, but stricter rules and longer approval processes. Condos offer more flexibility, especially for investors and remote workers.

How Decode Helps Buyers Run the Numbers

You don’t need to figure this out alone. Decode offers:

• Side-by-side rent vs. buy breakdowns
  
  

• Monthly cost calculators with taxes and maintenance
  
  

• Walkthroughs of what you can afford based on real-time listings
  
  

• Guidance on off-market deals or homes that need light updating
  
  

• Support on lender connections and pre-approval strategy
  
  

Whether you're looking at a co-op, condo, or townhouse, our job is to make the math make sense—and to show you the best path forward, even if that means waiting.

Yes, You Can Afford Park Slope—If You Know Where to Look

Buying in Park Slope isn’t cheap. But it’s also not one-size-fits-all. From $700K co-ops to multi-million-dollar brownstones with income potential, there are options—if you know where to look and how to think about the numbers.

At Decode, we’ve helped buyers turn long-shot dreams into smart purchases by focusing on what matters most: lifestyle, layout, and long-term value. If you're ready to start the conversation, we’ll help you run the numbers clearly and honestly.

Curious what you can afford in Park Slope right now? Let’s crunch the numbers together. Book a buyer consult with Decode today.