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The federal income tax ramifications are huge.
When my wife and I were living in an apartment, we were dual income - no kids. Taxed out the wazoo.
Now we have two kids, and my wife stays at home raising them. On top of that, I am deducting almost the entire amount of my monthly payments on the house, because it's all still interest now. (You pay most of the interest off before you you pay down the equity on the house.) What it all boils down to is that I am almost embarrassed how little I pay in federal taxes. I think my tax rate works out to maybe 5-10%. I don't know because I don't have my tax forms in front of me. But it's nothing.
I don't know how PA rates compared to other states as far as taxes go. I live in Virginia, and pay FAR more in state taxes than I do federal. And Virginia is pretty good about taxes.
One excellent thing is that you make much more than your wife. You won't miss her salary nearly as much when she stays home to raise the kids.
I bought my house 7 years ago. It seemed expensive then, but the monthly payment now is less than a two bedroom apartment is. It's cheaper for me now than if I had stayed in our old apartment.
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