affordability
uh-ford-uh-BIL-i-tee
/əˌfɔːrdəˈbɪləti/
The state of being cheap enough for people to be able to buy.
In healthcare, affordability isn't just about the price tag; it's about whether the cost is reasonable relative to a person's income.
The story behind the word. From the Old English 'geforthian', meaning to put forward or contribute. Originally, to 'afford' something meant to be able to 'further' it or make it happen. Over time, it narrowed down to having the financial means to make it happen.
Word relationships
- cost-effectiveness: Cost-effectiveness is about getting value for money; affordability is simply about whether you can pay the price.
- prohibitive cost: A prohibitive cost is so high that it prevents people from buying or doing something.
Commonly confused with
- cheapness: Cheapness often implies low quality; affordability implies a fair price for the buyer's budget.
Word family
- afford (verb): have enough money to pay for.
- affordable (adjective): inexpensive; reasonably priced.
Collocations
- improve affordability
- affordability crisis
- price affordability
- long-term affordability
Example sentences
- "The affordability of life-saving insulin has become a major political flashpoint." Pharmaceutical news
- "The affordability of housing in the city has reached an all-time low." Housing report
Memory hook
Afford-ability: The 'ability' to 'afford' it. Can you 'ford' the river? If the cost is too high, you can't cross.
When not to use
Don't use it to describe the quality of a product, only its cost accessibility.
Fun facts
- The 'Affordable Care Act' (ACA) in the US was specifically named to highlight this word as a policy goal.
Related words
Explore more words
Demand, mobility, sustainable, affable, Budget Constraint, feasibility
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