Yes, exactly. A $1M mortgage is about $5k/month. Paying that means sacrificing other uses of money like retirement, child's college savings, vacations, etc. An

Yes, exactly. A $1M mortgage is about $5k/month. Paying that means sacrificing other uses of money like retirement, child's college savings, vacations, etc. And, as you pointed out, we would be in deep trouble if our income took a hit, or if housing prices tumble. If you buy into the high housing costs, you really need them to continue. It's a bad cycle.