I just bought an apartment in Inwood in December. I have lived in Inwood for about three years. The time spent there has turned me into a stark raving Inwood partisan, so feel free to take my story with the usual salt.
It is far cheaper both to buy and rent in Inwood than midtown or downtown, though the gap is rapidly closing. It is easy to find a decent studio east of Broadway for less than $1000 a month, but you aren’t going to end up in one of the neighborhood’s classiest buildings.
If you want to rent west of Broadway, things become more competitive. The neighborhood is more professional, and the buildings are in better repair. Expect to pay more like $1100/mo for a halfway decent studio.
The neighborhood itself is gorgeous. There is an enormous amount of green space, including Manhattan’s only old growth forest. I can choose whether I want to picnic on the Hudson or on the East River, since large parks on both rivers are a short walk from my apartment.
In the past five years, Inwood has attracted a large crowd of artists and musicians. These are not the starving (and pretentious) east village types, but professionals who have “made it” in their fields. When the weather is warm, it is not uncommon to find a dude practicing his cello in Isham Park. He’s not exactly playing for pennies, since he plays with the NY Philharmonic. One of my fiancee’s clients a few doors down is the pianist for the Harlem Boys Choir. Hell, Inwood has its own literary review.
If bars and clubs will form the basis of your social life, you will have to do a little traveling. However, due to the recent waves of gentrification, upscale lounges and restaurants have been opening rapidly. They tend to be neighborhoody places, as it is not really convenient for people who live in the boroughs or downtown to come up to Inwood or Washington Heights just to go to one or two bars. But some of these new places are actually really good. As a longtime veteran of alphabet city, soho, etc, I can say that I really don’t miss the fucking meatheads. It’s just nicer uptown.
If there are any more questions, do fire away.