While that is certainly a sound financial plan, there are a ton of other issues in home ownership that are as important if not more so. Are there good schools? If not, private schools in most major metros are running $10k-25k depending on whether they are catholic schools (cheaper due to support from arch dioceses) or just private. What is your commute like? There are people in my office who live 45 miles away on the edge of the suburbs. They have big houses on big lots, but it takes them 90 min to get to work due to all the traffic. They see their little kids for about 45 min before they go to bed.
And what is the trajectory of your housing market? Where I am, there is still a lot of land for residential development. People pay a premium for a new house because they feel special picking out floor plans and finishes with their builder. But when the subdivision falls out of favor, they are lucky to get 80% of their money back 30 years later. One guy I used to work for paid about $600k in the 1980s for a 5k sq ft house on a golf course in the burbs. He had to spend $70k to update everything just to get $600k for it in 2015. The golf course had fallen into disrepair and now was public/private. The schools now have metal detectors at all the entrances. And all the nice new development moved to the north. But, if your area is going in the other direction, buy as much house as you can get and grow into the monthly payments. My dad bought a condo in the Back Bay in Boston in the 1980s after my parents divorced. He could barely afford it at the time while making child support and alimony payments to my mom. He sold it 15 years later for double the purchase price and bought a bigger condo in the same neighborhood. When he sold that one he had enough cash to buy a house in Vermont and a condo in Miami for his retirement. Had he bought a crumby single family house in a suburb that was much more affordable, he would have probably missed out on $750k in market appreciation.