I've heard that in the past before 2008, banks were willing to offer mortgages up to 3.5x income at 5 or 6% interest. With a fixed 3% rate, you could probably

I've heard that in the past before 2008, banks were willing to offer mortgages up to 3.5x income at 5 or 6% interest. With a fixed 3% rate, you could probably do a mortgage with 4x income. And a quick look shows there are not a lot of houses in the $600k range. Most decent homes are going to be in the $1M range.