Housing Affordability

Definition

Housing affordability refers to whether individuals or families can afford to pay for suitable housing without experiencing financial strain. It takes into account factors such as income levels, housing costs, and the availability of affordable options.

Related terms

Cost of Living: The cost of living refers to the amount of money needed to sustain a certain standard of living in terms of basic necessities such as food, housing, transportation, and healthcare.

Homeownership Rate: The homeownership rate represents the percentage of households that own their homes rather than renting them.

Affordable Housing: Affordable housing refers to residential units that are priced at levels affordable for low-to-moderate-income individuals or families.