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. In the context of housing, for example, affordability is crucial for ensuring that people can secure safe and stable living conditions. Governments and organizations often analyze housing affordability to develop policies that support low-income families and promote equitable access to essential resources.