If you can’t afford to invest or you are not investing as much as you would like to, find ways to increase your household income and/or cut other expenses.

Internal Revenue Service, or (iii) received an Economic Impact Payment (stimulus check) pursuant to Section 2201 of the CARES Act;3) the individual is unable to pay the full rent or make a full housing payment due to substantial loss of household income, loss of compensable hours of work or wages, a lay-off, or extraordinary out-of-pocket medical expenses;4) the individual is using best efforts to make timely partial payments that are as close to the full payment as the individual’s circumstances may permit, taking into account other nondiscretionary expenses; and5) eviction would likely render the individual homeless—or force the individual to move into and live in close quarters in a new congregate or shared living setting—because the individual has no other available housing options.

On the bright side, our household income has increased by over $140k annually.

The amount of water usage differ from household to household so it wouldn't make sense to charge a standard fee.

As of the first week of May 2023, 5,093,000 of households were behind on rent.

You need to use household income. 

Median household incomes don’t align.  

Check out David Stone's application criteria somewhere in this link as it have stuff you want to adopt (or copy) for yours:https://www.biggerpockets.com/forums/52/topics/724...I usually qualify 3x income for combined household income.

Will your wife be able to support the household without your income?

A lot of used hotel furniture is better looking and better built than most new, reasonably priced, household furnishings.