We don't want to be shackled to a house we can only afford if we make at least our current salaries. A $1.2 million dollar house would not be such a house, as

We don't want to be shackled to a house we can only afford if we make at least our current salaries. A $1.2 million dollar house would not be such a house, as even if we made only $200k we could likely afford it. We are planning to live in the Bay Area long term for personal reasons, so buying something makes sense.