Here are some graphs of price/rent ratios, by zip code, for several metro areas. (All x-axes have the same 2013 rental value, while the y-axes represent the estimated price/rent ratio for each year.)
The data is from the inestimable Zillow.com. Price/rent ratios before 2010 are based on my estimates, using price and affordability data. (Except the first graph, where the x-axis is price, and it changes over time.)
This relates to one of the points I made in Shut Out, that the positive relationship between Price/Rent and a range of other measures (price, rent, income)