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 income levels, housing supply, and demand. In areas where housing demand is high but housing supply is limited, prices can rise significantly, making it difficult for many to find affordable options. Government policies and economic conditions also play a crucial role in shaping housing affordability.