No. If I didn't like the state of the local housing market I'd take advantage of the mobile part of "mobile home" and buy a used one for $2,500.00 in Alabama, or I'd buy an RV or a house boat (new house boats sell for under $100k, btw). Then I'd move it to the real-estate bubble-zone where I had to live (one presumes, for a job).
You can talk all day long. You can convince yourself that you are making the smart-money play by renting, but in the end you are only harming your own finances.
Your rent is probably your largest single monthly expense, and yet that money is being entirely consumed. Rent money builds no equity. Spending money on rent is the same as burning your cash every month because it is just as gone either way. You don't get your rent money back.
That's a heck of a thing to say about your largest monthly cash expenditure, that you don't get it back.
You are probably wrong about the housing bubble. Real-estate prices aren't determined by how much people make, are taxed, or how far prices have increased in the past.
Real-estate prices are determined by supply and demand. If more people are moving to your area, then housing prices go up. If everyone moves out of your area, then housing prices will plummet.
If you aren't sure what people are doing and don't know how to figure out current and future demographic trends, you can always buy and live in a more mobile form of domicile rather than "risking" your money in the normal housing market.
But people don't rent to escape a housing bubble. People rent to maximize their convenience or lifestyle. Sometimes they don't want to commute. Sometimes they want a certain "prestige" of a neighborhood. Sometimes they just want to be lazy. Other times renters just don't want to part with the down payment needed to buy a house.
In some areas such as in San Francisco, not only do people rent, but they share their rental units with multiple other people, all in order to be in a trendy neighborhood close to all of the "Action". Renters in those types of areas don't even think of themselves as potential buyers. They have an image of themselves based on entirely different things (e.g. who they know, how they dress, where they work, club persona, et al). Heck, 20 or 30 years ago they might have even treid to kid each other that the reason they rented instead of owned was because of a "bubble", but housing prices have increased so steadily for so many decades that such thin rationalizations have been tossed aside from those areas.
Renting might be fun or convenient, but it's no way to succeed financially.