I'm going to take this on another track: What are your real goals? What's your motivation for getting one house over the other?
If the two houses you are looking at are the same size with the same amount of bedrooms, but simply in different neighborhoods and one looks better, then you need to figure out the real reason for one versus the other.
After Purchase Considerations
Forget initial cost for a moment. An older house, which is what I'm guessing the lower cost house is, will need a lot of maintenance. But guess what, so does the newer house. Even brand new houses have things that need fixed and adjusted to make it your home. A newer, more expensive home is going to have more expensive repairs. Granted, those repairs might not be as often as a older house, but it can add up quickly. You may end up spending more on upkeep of a new house than the old house. Pools and other luxuries can be extremely expensive and time consuming to maintain.
Do you really need the all the shiny new things in the newer house? It'll have energy efficient appliances: maybe a tankless water heater, possibly solar panels, better insulation, better windows, and maybe a host of other energy saving devices. Those are great reasons to have the new house, but the old house can be upgraded (in most cases) to have these as well, although the older house will still likely have energy problems you don't know about.
But the "new shiny" goes beyond the gadgets and energy savings, there's the new siding, new roof, new driveway, landscaping, and more. Is it just the "newness" you want? Is it the status symbol you're looking for? Do you want to gloat that you have an expensive house with a large mortgage, rather than a "run down shanty"? Sure, it's great to have nice, new things, but are you willing to spend a literal fortune to have it? With interest, insurance, taxes, closing costs, and more rolled into the mortgage, you're looking at paying a minimum of 150% of the asking price for the house, and that's if you have stellar credit ratings. The longer you hold onto the mortgage and the higher your interest, the more that house costs, maybe up to 200-250% (or more) of the asking price.
When thinking about the mortgage and long term payments, you need to ask yourself just how reliable your work is. I'm not talking about your job (since they can fire you the day after you sign the papers for your house), I'm talking about the industry you and your spouse work in. If you get fired, how long before you can find another job?
Never take your job for granted as "I'm going to retire from here", unless you have less than a week for that retirement. Employers are too often ready to fire anyone for anything. Even if you have a contract, their lawyers can likely find a way to get rid of you, even if it means "promoting" you to a job you're going to absolutely hate and want to leave immediately.
With that in mind, how much money do you have saved up beyond your down payment? Is it enough to live on for 3-6 months if one of you does get fired? Is 3-6 months enough time to find a new job? Are you putting all of your savings into the down payment? That can work, but it's not recommended due to all kinds of unexpected expenses that can come up, especially when moving into a new house.
One thing that people often forget, and not just when buying a new house, is that you should plan to live below your means. This takes the "money arguments" mostly out of your life. You'd be surprised how many marriages and other relationships fail because of money. If you don't have to worry about where the money is coming from to pay the mortgage, you have a huge lead over many people. This includes people who make more than you but also have a massive debt load, which includes a house they only think they can afford.
So I challenge you to consider your actual reasons for wanting each house. Is it strictly a cost thing? Is it a social status thing? Is it environmental and social responsibility? As others mentioned, is it the school district for your future kids?
Just what exactly do you want out of this house and what are you willing to put into it?
We don't need to know the answers to any of the questions I've asked here, but you do.