If you make $60,000.00 per year income then you should be able to afford and buy a house that is between $120,000.00 to $150,000.00
When figuring out the amount of money you can spend to buy a home and what size of mortgage you can afford on an income you would take your income and then figure out 2.5 times that income to get the amount you can spend on a home.
So 2.5 times $60,000.00 income a year would be between $120,000.00 to $150,000.00
However you must also take into account your other expenses and figure out what mortgage payment you can make each month as well.
Banks want want your principal, interest, taxes and insurance – referred to as PITI costs to be 28 percent or less of your gross monthly income.
So you should be able to afford a $1,400.00 monthly mortgage payment if your monthly income is $5,000.00.