<prompt> Human: The background 6 years ago I was working as a junior software developer making 75K in NYC, my wife was in the childcare management field making 55K. I was tired of my field and the limited advancement opportunities at my company, so decided to take the plunge and applied to business school. I graduated 4 years ago with 190K in student loans and 90K in credit cards yes I know, a crapload of debt -- the decision to have two kids while in business school didnt help. In the career side, things paid off for me, I currently work at a great company in silicon valley great work, reputation, plenty of perks such as free food, gym, cellphone, etc. where I make pre-tax 230K 155K base 30K bonus equity; I think I have a decent shot at making 450K in about 5 years from now. Since graduating we have focused on paying down credit, have gotten down balances to 70K credit card and 120K student loan. My wife is currently finishing her masters degree about a year to go and currently making 12K a year freelancing. We expect she makes about 80K when she graduates. Housing market in the Bay areaSince moving to the Bay area 4 years ago, the prices of housing and rent have gone out of control, shooting up 30-50 in the area where we live. Our rent has gone up 950 in the past two years from 2300 to 3250 and we expect it to go up to 3700 in October when the year is up; even at that price, seems like wed be getting a deal since properties where we live are now listing at 4200.The QuestionBased on everything that I have read here, I know I am not in a position to buy; the original plan was to wait 2-3 years and be in better shape. At this point I am considering buying not so much to own a house, but to put a cap on our housing cost every month. Given that we dont have even 10 down, a lender pre-approved us for an FHA loan putting as little as 4 27K plus 10K on closing costs on a property of up to 675K, with a 3.3 ARM at 5 years. She said we could get out of it if the property goes up or we can put an additional amount of money to increase equity. Thatd put the monthly payment at 2700, plus an additional 1000 for PMI and taxes.We looked at a property in an up and coming area you need 1.2M in the area where we live right now and we think itd be a good starter home; but the question is whether we should buy right now, be a tight spot until wife starts working and we get out of PMI; or hold off for 1-2 years but potentially be even more priced out and end up paying 4K in rent. not considering the speculation factor, its anybodys guess whether this is a tech bubble or notPersonal Finance -- any advice for us? see the numbers for more detailThe numbersMonthly Income total 84007400 post-tax income after maxing out 401K contribution to get employer match1000 freelance income from wifes workMonthly Expenses 3250 rent payment2000 credit card payment750 student loan payment 250 car lease payment 900 utilities car insurance, electricity, cable, wifes cell phone, internet, etc etc.300 towards emergency savings total 7450rest goes to groceries, dining out, shopping random things that pop up etc. its tight but we try our bestOther income:In addition to monthly income, I vest stock quarterly about 30K pre-tax and get a yearly bonus in January 30K pre-tax. I assume 55 of these amounts are gone due to taxes, for a total of 30K net. Current assets:120K in 401K accounts 90K in mine, 30K on my wifes7K in Roth IRA contributed in 2014 towards an eventual down payment17K in liquid savings 10K in vested stock that havent soldEdited for formatting  <response>: If youre not ready to buy a home then youre not ready to buy a home. 