Yeah, if I were planning for that level of income, then we could probably comfortable cover our bills. My wife would have to already have a job. And we'd have a pretty sizable commute to get to work. So, bills would get covered, but life would be a lot less comfortable (though comfortable when compared to not being able to afford the basics).

But Portland is pretty affordable. $400k doesn't get you much in California (there are foreclosures in South Central listed for that much on Zillow right now).