I'm a 33, soon to be 34 year old civil engineer with a wife and two kids (both boys). We live in Raleigh, North Carolina, in a house we bought four years ago (when my wife was working, but very pregnant with our first).
My wife currently stays at home with our boys, as she has for the last four years. In the meantime, she has earned her Masters Degree (cash flowed that) and is now looking for a job as a Librarian. So, we've been on one income for the last several years, and have managed to do ok. I work for State Government, so trust me when I say I don't make a ton of $$$.
But, I've learned some things that have helped us get ahead, if only slightly. And, if we can do it, I think anyone can.