If you're looking for the cheapest place to live in Hawaii, Maui is generally considered to be the most affordable island. The cost of living in Maui is about 20% lower than on Oahu, the most expensive island. Some of the most affordable towns and cities to live in on Maui include Kahului, Wailuku, and Kihei.
As far as whether everything is price balanced with the pay rate, it depends on your individual circumstances and lifestyle. The cost of living in Hawaii is generally high, but so are the wages. According to the Bureau of Economic Analysis, the median household income in Hawaii is about 25% higher than the national median. However, the cost of housing, food, and transportation in Hawaii is also significantly higher than the national average.
Ultimately, whether or not you can live comfortably in Hawaii depends on your income, your budget, and your lifestyle. If you're willing to live in a more affordable area, cook at home, and drive a used car, you can certainly make it work.