My wife and I make $200k annually. How expensive of a house could we comfortably afford, assuming no other debt and stable careers and a 20% down payment?

This is really good that you and you wife have good bounding with each other.

$200k annually is a good income. You can afford your dream house about double or more than double to your salary.

But first you have to make sure some things.

1: Is your PITI less than 28%?

PITI contains:

• Principal: The original sum of money borrowed in a loan or put into an investment.
• Interest: money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
• Taxes : Fee fixed by someone or government on assets or daily usable things or anything
• Insurance: a thing providing protection against a possible eventuality.

Keep in mind, many lenders let borrowers exceed 30%, and some even let borrowers exceed 40% it directly concern with interest rate on property.

Higher the PITI will cause higher in interest rate.

2: Is your DTI less than 36%?

DTI contains:

Mortgage, credit card payments, child support and other loan payments

3: Down payment of 20%.

Remember; down payment directly affect your total amount of mortgage.

More the down payment will minimize the interest rate on mortgage.

ACCORDING TO YOUR SCENARIO…

You can mortgage a property of $400,000 or $500,000, because in US according to survey a person can easily get mortgage more than 2 and 2.5% his annual salary.