I have ZERO credit card debt.... soon will have no car payments (or just 1) I just have a mortgage and my utilities.... I don't live above my means and I'm having a hard time making ends meet now....
you are correct that you can live for 1k a month IF.. and there's a big IF... if you have your car paid off... you live in a small 1 bedroom apartment, you have no school loans, etc.... that's the problem... if you RENT period, it will never be yours... you will just rent for the rest of your life...
The key really is, save up as much money as you can for a down payment on a house, don't get anything too crazy, and live by the philosophy, if you can't pay cash for it, you don't need it... that's what I do and it seems to work out ok I guess....
1 income is do-able, but the question is, are you not giving your child a good quality of life since they have to live in a lower income area so in return will be lower schools, never get to go out and experience new things because you can't afford it... things like that.