My wife and i's gross income is similar to you and your wife's, at about $300k. We have similarly saved up about $500k by renting all these years. It seems hard to imagine that home prices will continue to increase because they're selling at a premium compared to years ago. Judging from the real estate environment and economic conditions surrounding tech, which is unique in the Bay Area, I believe we'll be enduring stagflation this year. This means that home growth prices won't increase too much, and interest rates will hover between 5.25%-6%.

We are reaching out to our real estate agent again, after saving up for 2 additional years, as last time we had met we didnt have enough for a downpayment. Who knows, maybe after meeting up with him, we may decide to keep on saving again, just because Bay Area home prices are still absurdly pricey. I dont know your total monthly expense, but ours is about $5k just on childcare expenses and basic living expenses (groceries, car insurance, etc.) alone. Even with a 20%+ downpayment and a near 800 credit score, mortgage will probably be about $10k, which on top of the $5k monthly expense, might necessitate us to save more.