Affordable means that something is reasonably priced and within the budget of most people. It is an important factor when making a purchase decision.
Affordable housing is housing that is deemed to be affordable to those with a median household income or below as rated by the national government or a local government by a recognized housing affordability index. Affordable housing can include rental housing, subsidized housing, or other forms of subsidized housing. Affordable housing is often seen as a way to help low-income families and individuals access safe and secure housing.
Affordable housing is typically provided through government programs, such as public housing, rent subsidies, and tax credits. These programs are designed to make housing more affordable for those who may not be able to afford market-rate housing. In addition, some private developers may also offer affordable housing options.
Affordable housing is an important part of the housing market, as it helps to ensure that everyone has access to safe and secure housing. It also helps to reduce the cost of housing for those who may not be able to afford market-rate housing. Affordable housing can also help to reduce poverty and homelessness, as it provides a safe and secure place for those who may not be able to afford market-rate housing.