I'm not a financial advisor, but I think housing is a very reasonable investment given:
1) you need a place to live no matter what
2) historically the real estate market does well over long time horizons
3) if you make $540k and your mortgage is $200k/year, you'll still have like $100k-$150k in spending money after taxes.
4) housing values are a good hedge against inflation
5) IMHO inflation is going to be bad over the next few years, which means your fixed mortgage payments will shrink rapidly in an inflation-adjusted sense.
In my experience, an income of $X lets you get a mortgage for a house worth ~$6X. Where do you live where $3m+ won't get you a house?