@Kattu just realized u said mortgage alone is $5500...and near metro areas... That means you will still survive but saving will be hard. Like someone already said, still an opportunity to accumulate equity over time but saving will be hard. Add 1.5k typical for daycares. Already 85 k a year and that is after tax... Before tax, it will be almost $120k. Add other expenses...

Again my suggestion, stay little farther from big cities to make it comfortable.