Falling home prices in New York City

Rising rents and low mortgage rates are helping lower the price of real estate in New York, NY, according to Bloomberg. The median price for condominiums and co-ops has declined 2.5 percent in the last three months.

In the city that has the highest rents in the country, according to CNBC, this situation is making buying a home a much more attractive option for many.

"The ones that can qualify are clearly buying," Jonathan Miller, president of the appraisal company Miller Samuel, told Bloomberg. "They're looking at rent versus buy [and] in more and more cases, the math starts to work."

For many people who have been looking for homes for sale in New York, the ideal time may have finally arrived. The Big Apple is always atop the list of most-coveted relocation destinations, but lofty rental prices often prevent many from realizing their dreams. However, the news of plummeting ownership costs may provide an alternative.

"The mood seemed to be a little bit better than it has in the last couple of years," James Ferrando, a sales broker, told the news source. "The buyer mentality, they're eager to get out there and look and purchase."