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I am not posting as a newbie to hide my handle .need honest opinions from fellow Fatwallet friends ..Pls be gentle and understand the reality of the questions and not the past ....

Please don't ask about the past ,as lot of things happen and we are starting over fresh from the last 3-4 years .
Have a relatively stable job and family (3 person family .1 kid 7 years old ).Here is my monthly expense . 
Wife is taking care of kid and not working now and want to work in the near future (3 -5 yrs )

Monthly Expense 
Rent :1600 
Utilities :100
Car /insurence :800 (2 cars 1 paid out 1 outstanding 30K with 10K paid out already )
Internet/Phone : 100
Groc: 400
Kid extra curricular : 300 (Swimming /karate/Arts/maths etc )
Fuel :100
Misc :400-500

Average Monthly exp as above vary between 3.5-4K 

Income :
150K base and 32 K Annual bonus (and 4% top of this as 401K match ) . So gross package will be around 190K and looking for a 20K raise next year 
i am good at my job and always got 100% of the bonus in the last 3-4 yrs (after i started this job). 
401K company max at 4% match for my 5% contrinution so hitting that 5% mark 
401K current balance 35K ) ( PLs don't ask why didnt start in the past as multilpe things happend and we just starting over for the last 3 yrs only
401 itself started last 2-3 yrs ago only.
I have a cash balance of 60K in Discover checking for 1% APY
safely net of 8K in my day to day checking account 

Monthly take home around 8k and with all the above expense we net around 4k savings monthly (annual bonus not included in the savings ,that after tax will be around 18-20K)

Here is my ASK and suggestions 

I know my net worth and Savings are not in the right range for a 150K salary person but I am just re -starting out at a relatively later age (35 yrs old now )

We are thinking about buying a home and our requirements home starts from 500K only in the area we are looking (simple req ; 3-4 Bd /3 Bath ,2500 Sqft ,relatively new const , Best schools and in a developed community not far from regular things )
We are in IL suburbs and Tax rates are high . All the homes we looked o far has a tax rate of 12K minimum per year and a HOA of 200-400K ( we want a community not a independenet single house due to my trael req and family safely in a closed community )

All the Rent Vs buy calcs so far suggest to keep renting 

Questions : 

1. Am I saving enough ?.  suggest if any suggestions to max the savings 

2. Should i buy or keep renting for some more years before even thinking about buying 

3.where can i start getting more value for money (than the 1% APY in discover . I had some bad investing exp during the last recession but can try again a relatively safe investment strategy )

4. Any other suggestions for investments or buying strategy 

5.Am I living too high for my income do i need to step down anything (I know new car was my bad decision . but some times we live once and got into the flow...I still regret it but anything i do now for that is not going to improve that ). 

Moderator Comment: Thank you for participating in the forums. However, this topic has been covered in a recent post Here. — Oct. 20, 2016 @ 5:50pm
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I have a feeling that your monthly spending might be more than 3.5k to 4k, from my experience having a very similar family and mortgage lower than your rent.

With respect to buying, the property prices kind of hot now, wait for it to cool down a bit by December.

I am also intrigued to know a 2500 sqft sfr is in $500k range in IL suburbs.

To compensate the low retirement savings, do you have any investments in foreign countries?

You need to add more info to people to give you suggestions.

What happened? It's deleted?

Why are there two duplicate threads in a row by different new members? If this one is unnecessary or duplicated, why isn't it greyed out?

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