> Your spouse might have to work part time or full time
This isn't "just fine". There is significant overlap in child success and a stay at home parent. There should be no case where a job at the caliber of ENGINEER cannot support a family to provide such an environment.
> Instead of a big house with a backyard you might go for a smaller place or somewhere farther out in the country.
You don't even get this at 80,000 if you want to live within 50 miles of any metro with jobs. Engineering jobs even more so. Going back to your statement before you now have a contradiction:
1. Have a spouse work
2. Have someone to drop your kids off at school because you live in the sticks
I don't think you have actually experienced trying to do exactly what you proposed. Inflation and free money has created an environment hostile to having anyone but the state raise your children. I got a house extremely cheap in a middle-cost-of-living area (~50% markup over price prior to GFC, low 200s). If I was making 80,000 a year I wouldn't be able to afford this modest starter home. That's bullshit. There is no question. Starter homes haven't been cheap enough to afford on a single 80,000 salary in my area for 25 years.
> If I was making 80,000 a year I wouldn't be able to afford this modest starter home.
You can afford a modest starter home on 80k a year if you're not carrying any debt, lenders cap DTI around 40%, or $2600/month, although your finances would be tight, and you wouldn't be able to live in a state with excessive taxes like California.
Most people can’t afford to put 20% down on their first home anymore. We only did 3.5% on a ~$230k home.
If we waited to save up 20% we still wouldn’t have bought a house because it would have taken several more years and then the home prices jacked up 40% during the pandemic. Instead our home went up in value by that much instead.
For your example house they’d have to have saved up $70,000 ahead of time. For people that rent and aren’t in tech that’s not too feasible, especially considering they may have that much in student loans also.
I know a couple that managed to do it but they lived (as a married couple) with their parents for several years instead of renting so they could save up for it.
> Instead of 4 kids you might have 2
Ok.
> Your spouse might have to work part time or full time
This isn't "just fine". There is significant overlap in child success and a stay at home parent. There should be no case where a job at the caliber of ENGINEER cannot support a family to provide such an environment.
> Instead of a big house with a backyard you might go for a smaller place or somewhere farther out in the country.
You don't even get this at 80,000 if you want to live within 50 miles of any metro with jobs. Engineering jobs even more so. Going back to your statement before you now have a contradiction:
1. Have a spouse work
2. Have someone to drop your kids off at school because you live in the sticks
I don't think you have actually experienced trying to do exactly what you proposed. Inflation and free money has created an environment hostile to having anyone but the state raise your children. I got a house extremely cheap in a middle-cost-of-living area (~50% markup over price prior to GFC, low 200s). If I was making 80,000 a year I wouldn't be able to afford this modest starter home. That's bullshit. There is no question. Starter homes haven't been cheap enough to afford on a single 80,000 salary in my area for 25 years.