As a resident of FR for almost 30 years, allow me to weigh in.
Whether you are buying or renting, FR is more expensive than Bayswater. A 3 bedroom in FR scan start at $2000. so you get a lot more for your money in Bayswater. That being said, the concerns mentioned before, such as distance from FR, safety, etc. are greater there.
FR & Bayswater are both part of NYC, so the property taxes are lower, but you also have NYC income tax.
In the 5T, property taxes are based on the school district you are in. so the same house on either side of Woodmere Blvd. could have a difference of $3000!
With regard to shuls, schools and shopping, there are all equal. you can find what you need in all the areas. Nassau County provides busing to all its school aged residents, regardless if the school in Nassau County or not.
If you plan on renting, there is very little the 5T or Inwood. Most houses are single family. So if you want an apartment, it’s Bayswater or FR.
Young couples are moving to the area for many reasons. There are good schools, all the neighborhoods have an “out-of-town” feel, they all have KOSHER L’MEHADRIN EIRUVS.
Yes, houses are not cheap, but much cheaper than Brooklyn or Queens.