<prompt> Human: Im a software supporterdeveloper living in Nashville, Tenn. If you know anything about Nashville, its growing like a cancer and house prices are SOARING with no slow down in sight; in the last 4 years, home values have increased 37 Im currently renting for 1430 and thats going up outside the city and commuting a combined 2 hours a day on a good traffic day, so I want to get into the market closer to work before Im priced out, and have always wanted to own property in the area.Me: Unmarried male, 27Occupation: FT in IT, making around 90k with great benefitsPre-qualified: 350,000 71 ARM-FTHB with 3 down, no PMI local Credit Union and superb creditOther financials: 10k liquid cash, 6k health savings, 20k in 401k, 5k left on a car loan. I plan to always have a room mate for most years my SO while not away at grad school to contribute around 500 or more in rent. Ive budgeted all my expenses to the penny and all the math says that, while Ill be without a cash windfall for a year, I can afford it... but Im afraid to make the commitment still. 350k is a little below average for a comparable house in Nashville but is still so much money. I feel like Ive done my research but my gut says dont do it. The only cheaper areas in the county limits are known for stray bullets flying through windows Im looking at new construction or recently renovated, so in theory my immediate repairs costs would be at a minimum. What do you think, PF? Am I crazy for wanting to do this or just letting my nerves get to me? EDIT Thank you everyone for the very succinct answers. I believe I either need to look elsewhere or forgo my purchasing plans all together for a while.  <response>: No, you cannot afford 350k on your salary, and you dont even have the down payment saved... let alone closing costs and any sort of safety net leftover after that. 