AFFORDABILITY Meaning and
Definition
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Affordability refers to the ability of individuals or households to purchase, own, or avail themselves of goods, services, or accommodations without experiencing undue financial hardship or burden. It is a measure of how economically feasible or manageable something is in relation to a person's or group's income or financial resources.
In the context of housing, affordability refers to the accessibility of suitable and decent housing options that are within a person's or family's means. It considers the cost of housing in relation to the income or financial capability of a given population. Affordable housing often implies that the cost of rent or mortgage payments, as well as related utilities and expenses, is reasonable and within the individual's budget.
Beyond housing, affordability can also encompass a wide range of goods and services, such as healthcare, education, transportation, food, and other essential needs. It involves determining whether the prices or expenses associated with these goods and services can be comfortably met by individuals or families without causing severe financial stress or sacrificing other basic needs.
Affordability is a crucial aspect of social and economic well-being as it impacts people's living standards, overall quality of life, and opportunities for upward mobility. Policymakers, economists, and social scientists often analyze and seek strategies to address affordability challenges, as they can significantly affect different segments of the population, particularly those with lower incomes or in disadvantaged situations.
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Etymology of AFFORDABILITY
The word "affordability" originated from the Middle English term "affordebli", which is a combination of the prefix "a-" (meaning "on" or "to") and the word "ford" (meaning "journey" or "passage"). This combined term, "affordebli", referred to something that can be easily provided or achieved. Over time, this Middle English term evolved and transformed into "affordability", which in modern English refers to the state or quality of being affordable or within one's financial means.
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