This is a very interesting thread. Right now we net ~$6K/month (gross~$7K/month). My DH and I earn roughly the same amount. Once I'm done my degree my personal income will be higher than our current combined income. We live in a very high cost of living area where the housing costs are stupid right now (our bubble is behind yours - so we haven't really started going down much yet). Prices here more than doubled over a 4-5 year period.
What do we do given the stupidly high cost of buying a house here (~600k for a nothing special box)? The average household income here is in the 60K's just so you can see how out to lunch the real estate has become with fundamentals. We rent! We rent a 2 bed/2 bath condo on the water with fireplace for just under $900/month. That way we are able to save a lot of money. We see no reason to commit financial suicide and buy like so many have done with their no down payment, 40 year mortgages, etc. Those are the people who think they are too good to rent. You should hear the attitudes here - it's almost like renting is for low class and beneath them. At least I'll be sleeping soundly at night while they are worried about their next meal, and when the foreclosure will happen. When the fridge breaks - that's not my problem. I've had a new fridge and oven in the last year or so (thanks property management company and landlord, lol).
All in all, we do well on our 6K net/month. I will enjoy the extra income once I'm done my schooling, but we are managing just fine without it and still saving. I don't think we will change much as our incomes go up - just save more and maybe go on an extra vacation - go to Disneyland every year instead of every 2 years
