YES
On $3,100,000/yr, the typical $448,352 home in Phoenix, AZ needs $132,412/yr ($3,090/mo). Your gap: +$2,967,588 — housing would be 1.2% of your gross income.
The math
448,352 price − 10% down (44,835) = 403,517 loan
30-yr fixed at 6.49% on 403,517 = 2,548/mo principal+interest
+ 542/mo est. taxes+insurance (1.45%/yr of value — national placeholder)
3,090/mo PITI ÷ 0.28 = 11,034/mo → 132,412/yr required
against Zillow ZHVI 2026-05 and the 6.49% FRED 30-yr rate (2026-06-25).
What salary WOULD clear Phoenix, AZ?
You need about $132,412/yr for the typical home. On $3,100,000 you already clear it by $2,967,588.