We have the wonderful benefit of having great medical insurance. (Educators aren't paid much, but the benefits and pension are awesome!). When I had baby #1, my husband didn't have his master's degree and was a lot lower on the pay scale. We were able to make it on his take home pay of $26,714! We rented out our basement and brought in an additional $5,000 a year, and we made do with a lot less than when we were both working (not eating out was a biggie- but I was home to cook). Granted, things cost more today, especially housing ($350 a month is amazing), but I think you should be able to do it. There is a lot of talk about how much it costs to raise a child in today's world, but if you are smart about your purchases, (read: buying used), the tax deduction they get you can almost make up the difference.
Just make sure you and your husband are on the same page. My husband hates to talk finance, but when I couch it in terms of our hopes and dreams, he is willing to get on board. We each only get $75 a month allowance for all things not considered necessary, and we talk about all purchases over $50! It's a little extreme, but it works for us. Again, best of luck to you!