Brooklyn’s losing its cool and Manhattan’s welcoming back millennials

Washington Heights is the new favorite neighborhood

TRD WEEKEND EDITION /
Jun.June 24, 2018 11:25 AM

(Credit: Petri Krohn)

Brooklyn’s cool factor is wearing thin on millennials’ wallets, so they’re moving back to Manhattan.

Washington Heights is now home to the greatest concentration of the generation with residents aged 20 to 34 making up about 10 percent of the neighborhood, according to the New York Post.

Upper Manhattan has even beat out reputed hipster havens like Bushwick, Crown Heights and Williamsburg in terms of shear population.

“Williamsburg and Bushwick have become victims of their own success; millennials can’t afford to live there anymore,” NYU professor Michael Keane told the Post. “They’re thinking, ‘Hey, Washington Heights is in Manhattan, it’s easy to get to Midtown, crime is down and the rent is several hundred dollars less.’”

According to StreetEasy, the median rent for a one-bedroom in Washington Heights is $1,850 compared to $2,250 in Bushwick, $2,760 in Williamsburg or $2,000 in Crown Heights. [NYP]Erin Hudson


Related Articles

arrow_forward_ios
Nestio's Caren Maio (Credit: Emily Assiran)

“Like TurboTax”: Nestio launches online leasing

(Credit: iStock)

What you need to know about landlords’ challenge to New York’s rent law

Among Brooklyn's priciest spots is DUMBO; pictured is the neighborhood's Main Street Park (Credit: iStock)

Why fewer Brooklyn and Queens tenants are moving

(Illustration by Dave Murray)

The squeeze on resi brokerages is forcing consolidation, cooperation

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

arrow_forward_ios
Loading...