<p>Knowing what I know now, I would NOT advise anyone to buy real estate that is barely affordable, and especially not on two incomes, unless they have family to back them up with some assistance (if the assistance is not financial, they will need to live near relatives) should they end up with - </p>
<ol>
<li><p>Unforseen job loss</p></li>
<li><p>Accident or unforseen chronic illness that adds expenses at best, or makes working difficult or impossible at worst. At the worst, there will ALSO most likely be a need for some caregiving that will probably not be covered by insurance.</p></li>
<li><p>Need for one spouse to step into a full-time caregiver role, on either a temporary (as in ill parent) or permanent (as in seriously ill or disabled child) basis, because help is either unavailable or unaffordable.</p></li>
<li><p>Unforseen costs in fixing up an older house or condo. </p></li>
<li><p>And all of this in an uncertain real estate market, in which real estate may not keep its value or can become very difficult to unload in an emergancy situation.</p></li>
</ol>
<p>Compared to the trials of a long commute, these issues scare me, even for a young couple with secure jobs and in good health.</p>