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Irvine - Am I going to be house poor?

$350K HHI between husband and wife $250K-$300K down payment $150K saved in 401k $75K emergency fund

can I afford a $1.2M home with $8k mortgage (PITI) without feeling completely house poor? It honestly seems like it’s so much, but considering HCOL, do I do it? I have 2 kids and currently renting. Would like to settle in a long term home. Prices seem to be dropping. Buy now, refi later? What would you do?

submitted by /u/kwin1225
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source https://www.reddit.com/r/RealEstate/comments/1la9p4d/irvine_am_i_going_to_be_house_poor/
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