Let us make a few assumptions.
each location has comparable crime rates
each location has comparable school systems
each location has comparable property tax RATES
each location has a socio-economic factors you like
the neighbors in both areas are the kind you can live with.
each has a house you would be content to live in
Are you buying with cash? If so think about how you could lose some when prices drop more.
Are you buying with credit? Think how you pay 3 times the house price when you include interest.
When you buy in a pricey area you are banking on it staying that way. Neighborhoods change, sometimes for the better, other times for the worse.
When you buy in a cheaper place you are effectively placing hundreds of thousands of $$$$ ( those nice green things we all like) in your pocket instead of someone elses. You should be saving lots of money on property taxes over the years to come.
No matter what you can afford to do, in the end you spend more money trying to show off how well off you are and it only puts you further behind financially.