Buying and Renting in Washington Heights: Here’s What you Need To Know

An article in the New York Times last year, called Washington Heights, “the last bastion of affordability in New York.” It wasn't wrong. With home prices escalating throughout New York City, Washington Heights, known for its vibrant Latin culture and epitomized in the Broadway play “In The Heights,” can attest to having both hulking pre-war co-ops and shiny new condos that are eminently affordable compared to most other New York City neighborhoods.

Though opinion differs, Washington Heights is largely thought to exist with the boundaries extending from 155th Street on the south to Inwood and Dyckman on the north. It is bordered by two rivers — the Hudson on the West and the Harlem River on the East and has a broad spectrum of condos, co-ops, and rentals to choose from.

Columbia University at night. 

Prestigious Institutions

One of the reasons for Washington Heights' economic stability and sought-after real estate is the coveted institutions that call it home including New York-Presbyterian Hospital, Columbia University, Irving Medical Center with branches of Yeshiva University and Boricua College. 

Like the rest of the city, prices have been trending up. The New York Times article quoted the median price in the area in 2019 as being $545,826 and $599,000 in 2020. According to Realtor.com, the most recent median sold price in the area is $649K.

456 West 167th Street #6G, picture courtesy of REAL New York.

Selection of condos and co-ops at varying prices

A look at StreetEasy’s current listings shows a modern two-bedroom apartment available at 2360 Amsterdam Avenue, #2C for $699K with an estimated monthly payment of $4,014. That number includes a 421a tax abatement which expires in 2035. 

One-bedroom condos are generally around $100K lower. A modern, renovated condo at 456 West 167th Street #6G is priced at $599K with a monthly payment of $3,781.

Co-ops vary wildly in Washington Heights. In a renovated building, there might not be too much difference between a co-op and a condo such as the two-bedroom co-op listed for $699K at 565 West 169th #21. Although unrenovated apartments can still be surprisingly affordable such as a 2 bedroom apartment at 535 West 163rd Street #54 listed for $290,000, carrying an estimated mortgage payment of $1,928. A 3 bedroom co-op which is partially renovated at 551 W.160th St Apt 5B is also very affordable at $350K.

However, in the coveted grand co-op doorman buildings on Cabrini Boulevard (an area called Hudson Heights), with sweeping views of the Hudson and the GWB, a 2-bedroom co-op can run close to a million. 

Mortgage payments are close to rents

Unless you only plan to live in your apartment for a short time, if you can afford to make a down payment and closing costs, renting in Washington Heights doesn’t appear to make a lot of sense as rents are only slightly less than the mortgage payment and maintenance for a co-op. For example, 295 Bennett Avenue #8E, a one-bedroom, 715 square-foot co-op, is currently listed for $415,000 and carries an estimated payment of $2,655. A renovated apartment in the George, a doorman building at 260 Audubon Avenue, #12H, that includes utilities, rents for $2,200. There are many other non-doorman 1 bedroom rentals in the area that cost around $2,000 a month for a renovated apartment.

George Washington Bridge.

The cheapest place to live in Manhattan

A recent article in patch.com named Washington Heights the cheapest area to live in Manhattan with an average rent of $2,237. Zumper.com lists the most recent average rent as slightly higher at $2541.

By comparison, the overall average rent in Manhattan is $4,265 according to rentcafe.com with Battery Park City, the most expensive area at $5,731/month.

Conclusion

If you’re looking for diversity, affordability, and accessibility in a New York neighborhood that still retains a lot of its cultural heritage, while having hipster bars and restaurants, Washington Heights could have your name written on it.

It’s also one of the few New York City neighborhoods where rents and mortgage payments don’t differ significantly and where a middle-class wage earner can still easily manage to make a down payment and get a mortgage, even as rates rise. 

If you would like to know more about the process of buying your first home in NYC, Reach out to me at gene@charneycompanies.com.