We have a kid and bought in the inner city. We wanted (needed?) the extra space, yard, garage...and got it. The compromise is that all of that stuff is smaller. It's a fair trade-off I think.
In terms of the bust talk, one of the reasons we bought in the inner-city is that if that correction comes, it's not going to be hit as hard as somewhere out in the boonies...and when things come back, it will likely also be one of the first to bounce back.
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