Reply to Did you buy a house that stretched your budget? Was it worth it?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here - thanks for the reality check guys.  I think a few factors made us nervous, 1) mortgage  would be 38% of net take home, which is higher than many people advise, 2) we've become used to saving at a high rate every month, 3) the downpayment would deplete our savings and it would take longer to fill up the emergency fund.  [b]Also, once we move we will not be able to get by on just one salary if one of us no longer can work.[i][/i][/b] But I guess thats the case even if we buy a smaller home.  Thanks for the input![/quote]

This would make me nervous.   Does one spouse make a lot more than the other?  Do you have a lot of other expenses outside of the mortgage?  [/quote]

This is our situation, more or less. We need both salaries (fairly equivalent salaries) to afford our similar 'affordable' 38% payment. But if one of our kids needs special care or DW just decides she would like to SAH for a spell, it is COMPLETELY off the table. I think OP is like us: modest background, probably sending money home to parents, no external safety net. So any pickle we find ourselves in we have to unwind.

And this commitment, to BOTH of us working through 20+ years of kids is a hard one. It is far easier with a disproportionate salary which makes it an easy calculus for home buying and lifestyle. [/quote]

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