Affordability of $400k home

Wife and I make combined $165k with a monthly car payment and student loan payments being $1000/month. We have $80k in savings and looking for buy a home in metro Atlanta in the next few months. We would like to keep down payment + closing costs at no more than $50k to keep an emergency fund in case something happens. Thoughts on affordability or should we wait a year and save up $100k before we buy a house?