My wife and I combine for about $150K. We are buying a house that is $310,000 and will be right about $2000/mnth as well with everything. The good news is, the second phase of our development is opening up in March this year, and similar layouts to our house are going to be priced at $30k more than what we paid. I am hoping to refinance a year from now to drop the PMI, and couple that with no daycare costs next year, I will feel like we got a big raise!!
Did the 4 times income and will never do that again, it was affordable but tight at the same time, make sure you have a good emergency fund. We make 130k, house is 160k, and that feels AWESOME! But Az is a lower cost of living state, and houses are cheaper.