Still home now with our 2.5 year old, and probably will through #2 possibly arriving in a few years (or maybe not).
Our decision 3 years ago was based on the following:
1. His salary beats the pants off any salary I could hope to find (by 2-3x), despite me having the higher degree (MS).
2. He is currently getting his MS while working full time, and me being home takes so much stress off our family in general to make that possible.
3. I didn't like my job 3 years ago anyway. I worked outside my field on a crazy schedule with regular weekend shifts and a shitty commute for not much money, he traveled frequently for work in his old job for weeks at a time, and it is pretty hard to find reliable daycare options on weekends or before 6 am.
4. Daycare is frickin expensive here!
5. We could.
#5 was the most important. We were 'lucky' to have that option according to friends/coworkers in the area. Lucky meaning we were careful to maintain a modest lifestyle... most of our high-earning DINK friends in this HCOL area feel trapped and will never have the option of SAH because of their choices even though they tell me they wish they could SAH with future offspring. Friends with dual low salaries like at my old job truly don't have that option though, and yes for them both salaries were necessary to lead even a modest/frugal lifestyle in this area.
I love my field, I miss the jobs I used to have before moving to this area for his job, and I miss being good at what I did. It killed my career for sure. I also miss being warm. Stupid winter. But when I'm looking to go back to work, I can go back to the basics pretty easily and work my way back up. Or we may be at a point where I can simply volunteer instead and that would be even better! And I love the opportunities I have to simply be with my daughter, take care of everything easily, take her to fun places, and see her in all her hilarious glory every day.