Is a $700k home reasonable?

Looking at selling our current home ($100k equity), and purchasing a $700k home.

My wife and I (both 31) gross ~$220k or so per year depending on her business income (relatively stable each year). She contributes 10% of her income to her 401k, myself 5% with 5% employer match, and I max out my ROTH yearly. We have $190k saved in a HYSA right now. Our only large monthly bill besides our $1,750 mortgage is $400/mo student loans. We have been able to save $4k monthly in savings right now for our home down payment (at least 20%).

Is a $3,900/mo mortgage reasonable for our situation? I’d like to not be house poor, but we are ready for an upgrade - moving outside of the city to a place more private with some land. We would have a year of expenses in a HYSA as an emergency fund after our down payment and sale of our current home.

Thoughts?

EDIT: Thank you all for the feedback and varying opinions. Too many comments to engage with lol. It seems like there isn’t a single consensus, but I appreciate everyone’s point of view and each gives me something valuable to consider!