The Housing Affordability Index is a measure that helps determine how affordable homes are for average families in a specific area. It compares median home prices to median household incomes, indicating whether families can comfortably afford to buy a home without financial strain. A higher index value suggests better affordability, while a lower value indicates that homes are becoming less accessible. This index is often used by policymakers, real estate professionals, and economists to assess housing market conditions. It can also guide decisions on housing policies and programs aimed at improving access to affordable housing for families in need.