According to a recent New York Times article, Inwood is Manhattan’s last affordable neighborhood — but the question remains: For how much longer? Located at the northernmost tip of Manhattan, past Harlem, past Upper Manhattan, past Washington Heights and bordering the Bronx, Inwood has historical and cultural gems that make it a destination onto itself.
Boasting access to Fort Tryon Park (home to The Met Cloisters museum) and Inwood Hill Park, along with the Dyckman Farmhouse Museum, the oldest remaining farmhouse on Manhattan island, these isles of escape in New York City make Inwood a surprising oasis even while still in New York City.
Prices of homes in Inwood have steadily risen over the past five years and Zillow predicts that the trend will continue, rising an additional 6.3% within the next year. With the median home price hovering below $500,000 and interest rates still under 4%, these winter months are an excellent time to consider an investment in a home in New York City.
Assuming a 3.92% interest rate, consistent with today’s average, a 30-year mortgage on a $500,000 home would cost $2,364/month. That’s less than most two-bedroom apartments that are available for lease in the Inwood neighborhood. With Zillow’s prediction of a 6.3% increase in prices over the next year, a $500,000 purchase today would be worth about $530,000 a year from now.
Development is taking place on multiple residential buildings in Inwood since the recent zoning changes were approved in the summer of 2018. New construction is reshaping the horizon of Inwood, with affordable housing being created inside the buildings as a way to mitigate gentrification of the neighborhood.
Still, the neighborhood — which serves up some of the best Dominican food there is to find in New York City, including Elsa La Reina Del Chicharron which serves chicharron, rice, beans and more — is going through a growth spurt, with a parcel of land selling for double what it was purchased for a year ago.
The estimated $500 million rezoning plan that New York City unveiled in 2018 will prove to have a tremendous impact on the neighborhood. According to City Limits, The Dyckman Green Gym in Inwood Hill Park is slated to receive $400,000 worth of reconstruction, and $65,000 worth of upgrades are in the works at the Wallenberg Playground and the 175th Street Recreation Area. The neighborhood will see $30 million in improvements to Highbridge Park, including upgrades to multiple children’s spaces and parks. High Bridge, the oldest bridge in the city, will have pathway lighting installed and the practice field at the southern end of the park will receive new, synthetic turf for a practice field.
For a neighborhood that offers quick and easy access to Midtown Manhattan on the subway, Inwood is poised to become one of the fastest-growing neighborhoods in New York City. The rezoning plans for the neighborhood are vast and the new construction, combined with protective measures created for existing residents, will help ensure that the neighborhood is able to expand and thrive, while holding onto what makes it such a dynamic and diverse place in New York City.
We’re excited to see what the future holds for Inwood and expect that it will become one of the most sought-after places for first-time home buyers to consider in New York City. Between the culture, parks and transportation options, Inwood truly encapsulates what makes New York City the best place to live.