Affordable housing

Affordable housing is housing priced within the means of households at specified income levels. Affordability depends on both housing costs and household income.

Housing cost burden: The share of a household’s income spent on housing costs. A common measure identifies households spending more than 30 percent of income on housing.
Housing affordability: The degree to which housing costs are manageable relative to household resources. Affordable housing is one policy response to the broader problem of housing affordability.
Community land trust: A nonprofit organization that owns land for community benefit and limits the resale price of homes on it. Separating land ownership from homeownership can preserve long-term affordability.
Housing shortage: A shortfall between the number of homes available and the number of homes households need. Limited supply can intensify competition and push housing costs beyond lower-income households’ means.
Market-rate housing: Housing rented or sold at prices set primarily by the open market. Its prices are not necessarily restricted to remain affordable at specified income levels.
Area median income: The midpoint of household income in a defined geographic area. Many affordable-housing programs set eligibility and rents as percentages of local median income.
Household income: The combined income received by members of a household over a stated period. Programs compare household income with local benchmarks to set eligibility and rent limits.
Section 8: The United States federal program that subsidizes rents for eligible low-income households. Its tenant-based and project-based assistance are major federal routes to affordable rental housing.
Homelessness: The condition of lacking a safe, stable, and adequate place to live. When affordable homes are scarce, households face greater risk of losing housing.
Rent subsidy: Financial assistance that lowers the rent paid by an eligible household. Subsidies make market housing more affordable without necessarily changing the home’s underlying price.

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