What defines 'affordable' housing?

The definition of 'affordable' housing generally refers to residences that are available at a cost below the average market price, making them accessible to those who may not have the financial means to purchase or rent at market rates. This includes a range of housing types intended to ensure that individuals and families of various income levels can secure stable and suitable living conditions without having to spend an exorbitant portion of their income on housing costs.

In the context of public policy and urban planning, affordable housing is crucial for addressing the needs of a diverse population, particularly in areas where housing prices have escalated due to demand and development pressures. By setting prices below the market average, affordable housing seeks to alleviate the financial burden many face, ultimately contributing to a more equitable society.

The other options refer to forms of housing that do not align with this definition. For example, housing available only to low-income families might imply a narrower focus that excludes many who are middle-income yet still struggle with housing affordability. Homes sold at market prices do not fit the 'affordable' criteria since they are priced according to current market trends, potentially placing them out of reach for many. Lastly, storage units for the homeless do not equate to housing and, therefore, don't meet the requirement of