Affordability refers to the ability of individuals or families to purchase goods and services without financial strain. It is often assessed in relation to income levels, where a product or service is considered affordable if its cost does not exceed a reasonable portion of a person's earnings. This concept is crucial in areas like housing, healthcare, and education, where high costs can limit access for many. Factors influencing affordability include income, cost of living, and market demand. When prices rise faster than income, affordability decreases, leading to challenges for consumers. Policymakers often focus on improving affordability to ensure that essential services remain accessible to all.