First I want to say that it is a great time to buy in today's market. If you are renting and can purchase right now you are thinking along the right track. Each option has it's pros and cons. It really all depends on what is more important to you. Alot of first time buyers buy TH or condos because of the reasons you have stated - budget. You need to decide how long you plan on staying in that home and whether it will suit your needs down the line. (For example - space, growing family, etc.) Some of the pros for TH option... less upkeep, price, sometimes community positives... some cons... no yard, rules on what you can and can't do outside (planting flowers, painting, bbq's), close neighbors and can be noisy. I am not sure it has been mentioned but you also want to make sure that if you are moving into a TH you check to see if there is an association fee per month/per year. You didn't state where you were purchasing but I will suggest that you honestly go with your "gut" and don't "settle" because you don't think you can get a single family home. Right now in this market things pop up all the time and you honestly can take your time to find what you want and are a great plus to a seller since you don't have a home to sell.
If I can help you with anything else, please feel free to email or call me anytime. I wish you and your wife the best of luck!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172