The 28/36 rule is a guideline for determining how much house you can afford. It states that your total housing costs should not exceed 28% of your gross income, and your total debt should not exceed 36%. This rule helps ensure that you don't take on too much debt. To calculate how much home you can afford, multiply your gross income by 0.28 to find the maximum amount you should spend on housing, and multiply it by 0.36 to find the maximum amount you should spend on debt. The rule can be flexible based on your personal situation, but it's a good benchmark to follow.

Colorado Gov. Jared Polis and other Western governors are exploring the use of federal lands to address the affordable housing crisis in the region. In Nevada, officials are leveraging a federal law to acquire land for development at reduced prices, while Colorado's Summit County has leased U.S. Forest Service land for affordable housing. However, challenges remain, including the expiration of leasing provisions and the need for similar initiatives in other states. Future meetings will focus on strategies to utilize public lands for housing development.

A report reveals that Utah has one of the highest rates of household debt growth in the U.S., with residents adding over $1 billion in debt between the second and third quarters of 2024. The average household increased its debt by more than $1,000, ranking just behind Colorado, California, and Hawaii. Rising housing costs are impacting budgets, leading financial experts to recommend that individuals review their expenses and save for emergencies to mitigate further debt accumulation.

The average rate on a 30-year mortgage has decreased to 6.60%. In Utah, the median home price is $595,000, requiring a 20% down payment of $119,000, resulting in a monthly payment of $3,040. With a 10% down payment, the upfront cost is $59,500, leading to a monthly payment of $3,420. These payments are lower than those at the peak rate of 7.79% in October 2023. To buy a home, getting pre-approved for a mortgage is essential, requiring documents like income proof and a credit score check.