I personally think it is expensive for a 80K salary. A townhouse, not even a real house. Yes, if you absolutely love the place and the job. Friends and family in the state? If your wife can work after pregnancy, that will give an xtra boost to the expenses. But if you have doubts and think you can get a similar job with less pay somewhere, I would recommend you think hard before you have a child. A house and a child will make your life almost "non-movable", you'll be stuck in that place for a very long time. Why not make the best decision when you can.
I was in a similar situation and the house price and my income were around your ballpark. I didn't like the weather. I could have, but I finally decided to move to another state. I make less now, but I got a house half that price, and the weather is great. I don't have kids, that helped. 
Talk to your wife and decide. Good luck.