The recession has turned the old rent-or-buy calculus on its head. In the past couple of years, cautious shoppers have flooded into rentals, bringing the vacancy rate (as reported by Citi Habitats) down to 1.27 percent. The corresponding flattening of the co-op and condo market means that "the formula now tips in favor of buying," says Melissa Cohn, president of the Manhattan Mortgage Company. That's doubly so because mortgage rates are historically low—in fact, some loans are below 4 percent, and simply can't get much lower, because the banks have to make something on the deal.
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