The honest answer depends on how long you'll hold. Under two years, transaction costs usually win the argument for renting. Past three, buying with BAH covering most of the payment tends to pull ahead.
Run the price-to-rent ratio for your target neighborhood, not for the island. Kapolei and Ewa Beach behave very differently from Kailua and Kahala.
Don't forget maintenance in a salt-air climate, HOA/AOAO dues in master-planned areas, and the property tax homeowner exemption once you occupy.
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