$90k Income, $95k In Hysa, Wife Recently Laid Off. Should We Buy A House Or Keep Saving

• Income: $90k/year (me). Take-home: ~$4,800/mo.
• Assets
  • Shared Savings: $62,000
  • Personal Savings: $20,000 (We each have $10K)
  • Checking: $10,000
    • $5K in shared for bills and expenses
    • $2K in mine
    • $3K in hers
• Monthly Expenses:
  • $2,450 (Rent: $1,950, Utilities: $295, Phone: $90, Insurance: ~$115).
• Retirement:
  • $500/mo to 401k (no match yet)
  • I used to contribute to a Roth IRA before my wife was laid off
• Debt: $0. (No car payments, student loans, or CC debt).

My spouse and I are at a crossroads. We live in a moderately expensive area where starter homes are around $350k. We have a 20% down payment ready to go if we wanted, and while our money is currently earning about $300/month in interest in our HYSAs, we’re feeling the pressure of "throwing away" nearly $2k a month on rent. There are also some first time home buyer programs that we would consider taking advantage of (basically zero interest loan paid back at the time of the sale of your home when that day comes).

However, the timing feels precarious. My wife was recently laid off and is looking to pivot careers. I work in advertising, which is a volatile industry, and while I’m stable now, I know I'm not immune to market shifts. On a single $90k income, a $350k house with 20% down feels like it might leave us "house poor" once you factor in taxes, insurance, and the inevitable maintenance costs of homeownership.

Beyond the numbers, there is a psychological element. Both of us are deeply dissatisfied with our current corporate paths and often talk about starting a small business in our community. We recognize this is risky, but we worry that locking ourselves into a mortgage right now will effectively kill that dream by forcing us to stay in jobs we dislike just to service the debt.

We are struggling to decide if we should strike now while we have the cash, or if we are doing the right thing by staying liquid. Is the flexibility of $95k in cash worth the cost of renting during a career transition, or are we being too paranoid about the risks? We have no kids (just a dog) and don't plan on any, so our lifestyle is flexible, but the "American Dream" of homeownership is starting to feel like a potential anchor.