One term for this is "price-to-rent ratio" which is as simple as it sounds.

The ratio has a wide range from city to city.

Full financial analysis gets complicated quickly because you have to consider mortgage rates, inflation, opportunity cost of the invested money, and how long you're keeping the house. It's possible to pick the more financially optimal decision using today's numbers and then have your perfect plan clobbered by a collapsing housing market, extreme swings in interest rates, or being forced to move early.