Home › Finance › Inflation & Cost of Living › Affordability

Affordability

uh-FOR-duh-BIL-uh-tee /əˌfɔːrdəˈbɪləti/

nounB2TOEFLIELTS

generalinformalformal

The extent to which something is inexpensive enough for people to be able to buy it.

Affordability is a relative concept, depending on income levels and the cost of the item in question. It's often discussed in relation to housing, healthcare, and education.

The story behind the word. The word 'affordability' comes from the verb 'afford,' which has a surprisingly old history. It traces back to the Old English 'geforthian,' meaning 'to further, accomplish, or carry out.' Over time, its meaning evolved to 'be able to provide' and then specifically 'to have the means to purchase.' So, 'affordability' is about whether something can be 'carried out' or 'provided' within one's financial means.

Word relationships

cheapness: More informal and can sometimes carry a negative connotation of low quality, which 'affordability' does not.
reasonableness (of price): Focuses on the fairness of the price, while 'affordability' focuses on the ability of people to pay that price.

expensiveness: The state of being costly or high-priced.

Commonly confused with

Cost of living: Cost of living is the total expense of maintaining a standard of life; affordability refers to whether specific goods or services are within reach of people's budgets.

Word family

afford (verb): To have enough money to pay for something; to be able to do something without difficulty.
affordable (adjective): Inexpensive enough for people to be able to buy.

Collocations

housing affordability
healthcare affordability
improve affordability
lack of affordability
affordability crisis

Example sentences

"The lack of affordable housing is a major concern for young families in the city." Housing market discussion.
"The new healthcare plan aims to improve the affordability of medical services for all citizens." Government policy debate.
"Despite its high quality, the product's affordability makes it accessible to a wider market." Consumer report.

Memory hook

Can you AFFORD it? If so, it has AFFORDABILITY. Can you buy it?

When not to use

Do not use 'affordability' when simply describing something as 'cheap' or 'low-cost.' It implies a judgment about whether the price is reasonable in relation to typical incomes.