Lakewood had been an extremely hot market in 2014 and currently in 2015 it's even hotter. It's also a great place to live.
If your approval amount is based on both of your incomes then it's an excellent idea to stay comfortably under the maximum amount in case something goes wrong at work for one of you, etc. etc. On the other hand, if you have the "forever home" within your reach right now, you should give it serious consideration. The housing market is back on the rise and typically a property gains 1-2% in value each year when the economy is moving in the right direction. We dropped approximately 20% in value in this area since 2007 and for a good while the prices did not increase. Now we're heading up, we're out of the basement and the interest rates are extremely attractive. So buying your forever home today may be a more pain free way to obtain it at a lower price and interest rate than it will be in the future.
I'm here and available to anyone with the same scenario who wants help and guidance in weighing their options and finding out what avenue is best for them. As I said before, everyone is different!
Having lived in both communities, I know which one reeks of closed-minded, good-ol'-boys on Harleys and which one is a diverse, walkable community. I'd rather raise my family in Lakewood than let my children stew in boring, white-sauce exurbia.
Don't buy a home as an investment. If you didn't learn anything from 2007, you belong in Mentor. At least most of your neighbors, in their "forever homes" will share your fears.
What are you thinking when you expect to stop enjoying things to do that are proximate to Cleveland proper? Do you expect to grow out of your likes?