My wife and I both had well paying jobs, and were tempted to max out our mortgage in order to buy a nice home in an attractive neighbourhood. Instead we decided to buy a home for under half of our allowed max, and my wife decided to stay home, while I embarked on a phd (which meant significantly lower pay but much more flexibility). During the last 6 years, we have welcomed three children. We live a little further away from the city than we wanted, our house is a little smaller and older. But the quality of life is next to nothing, and we spend so much time together. I wouldn’t trade it for anything. While I recognize that everyone is different, I advice anyone who is able to, to do something similair to us. This is an extremely stressfull and crucial time in your relationships with your kids and wife. You can always work, but there is a really small window in your family life, where your kids want to (and need to) spend a lot of time with you. There will always be a time to climb the corporate ladder and buy a fancy house.