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well, the 2 homes we were considering have been sold within 24 hours of market debut, and gave us time to reconsider where we want to be price wise and will look for a smaller home at under 500k as it would allow us more to save and live a lifestyle we would rather have. aka not worry so much about a looming mortgage/utilities/tax bill.
No question you are house poor, or going to be house poor. 40% of your net on a mortgage??? Did you factor homeowners insurance in this equation? How about utilities? 3200 sq foot house will easily net you some $500+ gas bills in the winter. And you dont even have kids yet. You get another kid, what if you need another car? Diapers, swimming classes, balet classes, daycare etc. Kids are expensive. What if after your first kid, your wife says she doesnt want to work anymore? Now your stuck with a 3800 mortgage payment to pay for.
LOL at forever house. How many people do you know live in the first home they bought for ever?
You should be able to cover your PITI with ONE weeks worth of pay.
i know you are all surprised since this is my soapbox, but this post is SPOT ON.
when my kids were babies and in daycare, it was about $1600/mo - that was 14 years ago. please take this into account when thinking about having kids. if you or your wife stop working, your takehome will most likely go down by much much more. but your PITI, utilities, maintenance doesn't.
well, the 2 homes we were considering have been sold within 24 hours of market debut, and gave us time to reconsider where we want to be price wise and will look for a smaller home at under 500k as it would allow us more to save and live a lifestyle we would rather have. aka not worry so much about a looming mortgage/utilities/tax bill.
That seems like a much better idea (unless you're sitting on a huge amount in savings as a cushion).
well, the 2 homes we were considering have been sold within 24 hours of market debut, and gave us time to reconsider where we want to be price wise and will look for a smaller home at under 500k as it would allow us more to save and live a lifestyle we would rather have. aka not worry so much about a looming mortgage/utilities/tax bill.
Whew! I was hoping that you'd go in that direction.
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since this is my soapbox, but this post is SPOT ON. 
