Is now a good time to buy a house? I'm worried about what would happen if I get laid off.

Lots of people are taking a look at buying now that prices have fallen iin South Florida. Let's get specific, because that will help you decide.

Start by figuring out what the potential mortgage payment will be on a new loan -- not just the principal and interest. Realize that your property tax bill will go up along with your homeowners insurance premium when you buy a more expensive home. Both of those will add a substantial amount to your monthly expenses
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Now, do a "worst case" scenario to see what you could afford if you or your spouse lost a job.

Next, consider your cash situation. You may have enough to make a down payment, but what about emergencies? Remember that owning a home means fixing something very often. And the more the house costs, the bigger the repair bills.