affordability
uh-for-duh-BIL-uh-tee
/əˌfɔː.dəˈbɪl.ə.ti/
The extent to which something is inexpensive enough for people of average or limited financial means to purchase or rent.
In civic discussions, it refers directly to housing costs remaining proportional to average household incomes.
The story behind the word. Traces back to Old English 'gefordian', meaning to push forward or accomplish. Over time, 'to carry forth' shifted from completing a task to having enough financial capability to complete a purchase.
Word relationships
- inexpensiveness: Inexpensiveness describes low absolute price, whereas affordability measures price relative to household purchasing power.
- economicality: Economicality emphasizes resource efficiency, whereas affordability centers on purchasing capability.
- exorbitance: The state of being wildly excessive in price.
- prohibitive cost: Cost so high that it prevents purchasing.
Commonly confused with
- viability: Viability refers to financial or practical feasibility of a project, not whether end-users can afford the price.
Word family
- affordable (adjective): Inexpensive; reasonably priced.
- afford (verb): Have enough money to pay for.
Collocations
- housing affordability
- affordability crisis
- ensure affordability
- affordability gap
Idioms & expressions
- within reach of one's wallet
Example sentences
- "Skyrocketing property values in tech hubs have severely compromised housing affordability for working-class families." Housing crisis coverage
- "The mayor prioritized housing affordability, requiring new developments to reserve units for low-income tenants." Civic policy debate
Memory hook
AFFORD = can carry FORTH a payment. Paying without breaking the bank.
When not to use
Avoid using as a synonym for 'cheapness', which can imply poor structural quality.
Fun facts
- Urban planners calculate 'housing affordability' using the standard 30% rule: housing should cost no more than 30% of a family's gross income.
Related words
Explore more words
Demand, mobility, sustainable, affable, Budget Constraint, feasibility
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