I just read an interesting rule of thumb - just like many, it is afterall, COMMON SENSE!  When mortgage payments and property tax equal one's rent, it is time to buy!  Of course...such easy logic.  I have mentioned this to several realtor and they have said, "oh yeah......" I'll pass this along.  Not only is it the logical time to buy because properties have been reduced but some renters are reporting that they are being taken advantage of by building owners who are gouging them with rent increases.  So everyone out there...calll your favorite active rain realtor and mortgage broker in your state and let them go to work for you!