The simple formula that most mortgage brokers will use is your gross monthly salary *.28.
This basically saying that the most a mortgage company will create a loan for you that will result in a maximum payment per month of 28% of your gross salary.
In your Case,
$60,000 / 12 months = $5000 per month.
The most a mortgage company would like to see is a monthly payment of $1400.
This equates to a 30 year mortgage on a house worth $292,000 if you put 20% down.
With No Down payments the maximum would be $233,000.
Note these figures assume a 6% mortgage rate.