Sorry, but.....Yes..... you should move on to another property....one that won't eat up 50% of your income!!
Have you spoken to a lender yet? If it's any consolation, I highly doubt you'd be approved for a loan that had such a high ratio, but you really do need to check.
The "old" ratio used to be that your mortgage payments, including taxes, insurance and HOA fees shouldn't exceed 25% of your income! Even if you push that a bit higher to, say 30-33%, you want to keep in mind your living expenses...... you might even want to eat out and see a movie once in a while!!!
Continue your search for a home in a price range that will be more manageable and give you some breathing space.