Harry - I'd agree with you except for the Housing Allowance. The allowance MAY work out for some people who have bought but it is an obvious risk. If people want to comment about Apples then you have take into account interest, loss of investment income from your downpayment, maintenance and other cost etc etc etc.
I still contend that the housing allowance should not be included in your analysis since it is not a given and bears significant risk. It is NOT a true form of income. If we are to include housing then we should also be factoring risk analysis and comparing it to the risk you hold in owning property in the US.