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We make almost $100K combined but there is no way we could maintain our current standard of living on just one of our salaries. I have student loans and a car loan, and DH is still paying off a bit of credit card debt, though we recently made a big dent in it. But then with groceries, gas, bills, and general spending (random trips to the drugstore, dining out once a week, lunch here or there, the occasional makeup replacement for me), it all gets eaten up quite quickly. Plus we're fortunate to be able to put money into savings and afford luxuries like a lawn service, pest service, etc. It wouldn't make financial sense for me (or him) to stay home because our annual cost of daycare isn't even half of one of our salaries.

I live in NYC so my comments about income aren't really relevant to the rest of the country, but I will say that we definitely couldn't survive on one salary even with major budget cuts. Over the past year we've cut out a ton of expenses, and while we could go further by getting rid of DH's cell phone, not parking our car here anymore and getting rid of internet - it still wouldn't be enough to pay all of our bills on just one salary.