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[quote=Anonymous]We just found out we're expecting in April.  I have been trying to crunch the numbers on a new budget and have noticed that most people who post here own their home.  Here's our situation:

HHI is $120K - We both work.  One person is actively looking for a better paying job, but increase would only be $5-10K.  Other person has a hiring freeze so has to wait it out or leave to get more $.

Renting at $2250/month
Have no debt other than $6K on a car (~$200/month)
Have $8K saved (recently paid off debt so savings are still low, but saving more each month) and expect $13K gift in January
Saving for retirement at 12% and 15%
Anticipating day care expenses of $1600-$1800/month

I like the place we're renting, but I would feel better about spending money on a mortgage.  How much do we need to have saved to buy?  Obviously, we wouldn't be able to afford a large downpayment, but we have excellent credit and stable employment and I think we're responsible enough to be homeowners.  It would have to be a minimum of a 2 BR and 3 BR would be preferable.  Is it realistic to look into buying?

Please spare us the flames.  We aren't ignorant, just not well paid!  Thanks in advance.[/quote]

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