" Is it wrong to purchase a Co-op town home and move him out?"
It is not wrong encouraging him to take care of himself rather than enabling him not to.
Those who do not have commercial health insurance can still receive treatment at their local community mental health centers. To find those in his area, he may phone the United Way toll free #211 dialed from a land line or, google community mental health and his state/area of residence.
Anxiety disorders are treatable both with counseling and medication amongst other options i.e. natural supplements, hypnosis, biofeedback.
He has to be willing to make a step forward by taking care of his health and then other obligations.
By asking him to move out, you're in a way assisting him in making that step which, otherwise he may not take. This is something he has to do for himself being an adult. You can only be encouraging and emotionally supportive w/o being enabling and it seems that you know that owning his independence would be best for him at this time.