I have to agree with TG and Scarlett.
Buying with too high a debt/income ratio will add stress – and if you’re looking at kids… they add enough stress. (I have kids. Love them, but they add stress to my life.)
Right now it seems much more affordable to rent than to own. Perhaps that will change, but for now that’s what I’m seeing.
If we hadn’t had equity from two homes (hubby and I both owned houses when we met) to put down, we’d be renting.
Look honestly at the PITA compared to your current rent. Factor in less income from your wife. If she stays at home, zero income. If she works, even part time, look at daycare costs. San Diego has outragiously expensive daycare costs. (When my youngest was an infant, and oldest was 2 – we paid more in daycare/month than our mortgage payment… and we have a relatively small mortgage!)
My gut says to advise to keep renting and keep saving.
