[quote=latenightsd]@CA Renter: I share your sentiment, but is that really true for the majority of educated, middle class folks buying home in recent years?[/quote]

Yes, unfortunately. From everything I’ve seen and heard, the vast majority of people — irrespective of their income levels and education — spend way more than they should and don’t put much money (if any!) toward savings other than retirement and perhaps some college savings. IMHO, that’s still not conservative enough, as other expenses always arise that will quickly chip away at any discretionary category (water heaters, new cars, new roof, etc.).