Housing affordability refers to the ability of individuals or families to purchase or rent a home without experiencing financial strain. It is typically measured by the percentage of income spent on housing costs, including rent or mortgage payments, property taxes, and utilities. When housing costs exceed 30% of a household's income, it is often considered unaffordable. Factors affecting housing affordability include local housing market conditions, income levels, and government policies. In many areas, rising home prices and stagnant wages have made it increasingly difficult for people to find affordable housing. This issue can lead to increased homelessness and economic instability in communities.