It's been said a few times in this thread, but you have to remember to make this calculation on equivalent properties. In a perfectly functioning market, there'd be no difference between "rental" inventory and "owner-occupied" inventory, but in practice there are often qualitative differences between the two, and if you value certain characteristics you will likely have to buy.
EDIT: Also, don't forget to change the "marginal tax rate" option under "Advanced Settings...Other..." Mortgage interest deductibility is (rightly or, as I think, wrongly) a substantial ownership subsidy, particularly for high-earners.
To add to your point, I live in a suburb/city that effectively bans rentals by making property taxes extremely expensive if the property is not both owner-occupied and a primary residence (homestead taxes). This is coupled with widespread HOA agreements that explicitly ban renting/subletting to not-close-relatives. The unsurprising effect is that higher income families live here and the cost of running the schools is consequently low. There are some other suburbs, but in that case you're committed to private schooling of your kids.
EDIT: Also, don't forget to change the "marginal tax rate" option under "Advanced Settings...Other..." Mortgage interest deductibility is (rightly or, as I think, wrongly) a substantial ownership subsidy, particularly for high-earners.