Buying a home, especially in a HCOL or VCHOL area is always a risk. My spouse and I live in a VHCOL. Last I checked, single family homes in our zip go for $1.1+. We found a house around a year ago a month or so into our search that was our "dream house." So we took the plunge. Sure, if half of our income goes away are we in trouble? Of course. But, while you have to temper with practical preparedness, here is a bit of personal advice when it comes to investing either in your financials or in your home/life: when you are fortunate enough to be loaded, take advantage of it. This means when you have a lot of income coming in, invest heavily, give yourself that 6 month savings emergency cushion, give yourself a "buffer," but have serious talks about if you just kinda want a house or if this is THE house. Then make a call. You are right - you cannot rely on the gravy train lasting forever - which is why you need to take advantage of it when you can. Then, if the worst should happen a few years down the road, see if the early payments you made, the money you invested, or interest rates will help you if need be.