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Is 37% of income too high?

We are building our first home in Georgetown (Liberty Hill area) TX. Between $434k price, high taxes of 2.86, and 4.75 locked rate we are looking at $3450 a month before homestead. 1800sq ft home, master planned community.

One income household with baby. Husband earns a little over $110k. We need a home in the next few months so if we can’t buy one we have to rent. We have no debt. We live a very minimal lifestyle. We would be comfortable and happy in home for very long time. But it’s so hard to get in this market for a nice home with enough space right now.

Please be honest (but as nice as you can). Is around 37% insane? Are we making a huge mistake? Some decent rentals are available for around $2400 a month but we want to own if possible. How uncomfortable are we really going to be?
Also, how much does homestead in Texas really save you?

submitted by /u/LynsLearns
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source https://www.reddit.com/r/RealEstate/comments/wyz4tl/is_37_of_income_too_high/
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