JWM, I meet your first 2 criteria, unfortunately not the third, missed it by 7 years. Of course I suppose I’m not a first time buyer really, but I havn’t owned a house since ’94, and certainly didn’t make any money from it, so it doesn’t count.

I agree with you, it is important, as it’s representative of what you can really afford. With my income I can qualify for probaly 1.2-1.5 mil, but I have absolutely no intention of spending that much. I don’t want to be house-poor. Been there, done that. I also have no intention of watching a 200K down payment eroded to nothing with further depreciation.

I would consider buying if rent/own ratio makes sense. We’re getting closer, but we aint there yet. Until we are I remain happily on the sidelines. (Or was it circling overhead? I forgot)