Affordable Housing

Definition

Housing where monthly costs (rent or mortgage) don't exceed 30% of household income. It's increasingly a theoretical concept rather than a market reality in expensive metros.

Example Usage

The municipality implemented a zoning overlay requiring 15% of new developments to include affordable housing units.

Origin

Modern housing policy term, emerged with growing affordability crisis in the late 20th century

Fun Fact

Most definitions of 'affordable' are income-relative, creating weird situations where six-figure earners can't afford 'affordable housing' in expensive cities.

Source: Housing Policy and Urban Development

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