That tends to be true no matter where you are.
There are plenty of places where a real estate bubble has pushed prices for buying up to nutty levels, while rents are low by comparison (but still high).
Basic rule of thumb: if you can buy for 100 months rent, that's a steal. If it's more than 200 month's rent, it's a rip-off (less than 200 if it's a condo with high fees). Somewhere in between is a matter of taste.