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Is 50% of gross income too much to allocate to a mortgage?

My wife and I make about 180k a year before taxes and about 7000 a month take home after 401k, company stock allocations, health insurance etc. For our investments, we are around a medium aggressiveness with about 13% going to 401k and 10% going towards company stock. We can dial those back for a little bit more gross income too.

We are looking to buy a house at around 650k, but the mortgage payment would be around 50% of our net income. This is before utilities and everything else house related. Do you think this is too much?

We anticipate selling our house for about a 200k profit after all selling expenses and intend to put that towards our new place. This should bring the mortgage payment down a bit after we get it.

We are looking in northern Massachusetts if that makes a difference.

Thanks!

submitted by /u/S3nseiCY
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source https://www.reddit.com/r/RealEstate/comments/vgg0lu/is_50_of_gross_income_too_much_to_allocate_to_a/
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