I am fellow Bay Area renter, and my advice is this. Rent for about 2 more years and keeping saving as much as possible. At the end of 2 years (or whatever time period you set yourself) look at housing prices. If they have gone down, and are reasonable with respect to rent, then buy. Do not buy any place smaller than where you are now if you are planning on having kids. Set a price limit in advance. For example, tell yourself that it in 2 years if you can buy a 1700 sq ft place that you like for $xxx then you will buy. Make it either a strict dollar amount or make it a multiple of income. If house prices are still out of reach, put all your efforts into finding one decently paying job elsewhere in the country not in a bubble market. Take a whole year with a headhunter if you need to. There are good jobs all over the country. The cost of living in some parts of the country is such that you could take a big pay cut and still be living far better. At 3.75k a month in savings for 3 years, you could have $135,000, enough to buy a house outright in some areas and be living with no mortgage - you might even be able to live easily on one salary when the kiddies came. Sure the Bay Area has some culture and some people like the weather, but how much of your long term freedom are you willing to give up to live there?
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