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Affordability: meaning, definitions and examples

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affordability

 

[əˌfɔːrdəˈbɪləti ]

Definitions

Context #1 | Noun

financial

The quality of being affordable; the extent to which something is within the financial means of a person or company.

Synonyms

accessibility, economicalness, reasonableness.

Which Synonym Should You Choose?

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Word Description / Examples
affordability

Used when referring to how easy it is to purchase or pay for something, especially within one's budget.

  • The affordability of housing is a significant issue in many urban areas
  • The new policy aims to improve the affordability of healthcare
accessibility

Used when talking about how easy it is to reach, enter, or use something, often related to services, facilities, or information.

  • Improving website accessibility for people with disabilities is crucial
  • The new laws enhance the accessibility of public transportation
reasonableness

Used to describe something as being within the limits of what is fair or sensible, often regarding price, demands, or conditions.

  • The reasonableness of the lawyer's fees is being questioned
  • The reasonableness of their proposal made negotiation easier
economicalness

Refers to how economical or cost-effective something is. It is not commonly used in everyday language and might sound technical or formal.

  • The economicalness of electric vehicles makes them an attractive option
  • Investors are more interested in the economicalness of the overall project

Examples of usage

  • The affordability of housing in the city is a major concern for many residents.
  • The company's success is partially attributed to the affordability of its products.
Context #2 | Noun

economic

The ability to be purchased or paid for; the financial resources available for a purchase.

Synonyms

attainability, feasibility, manageability.

Which Synonym Should You Choose?

arrow down
Word Description / Examples
affordability

Used when discussing whether something is within someone's financial means. It often relates to the cost and economic accessibility of goods or services.

  • The affordability of housing in this area is a major concern for many families
  • The government needs to address the affordability of healthcare
attainability

Best used when talking about whether something can be achieved or reached, often considering effort, resources, and limitations beyond just financial aspects.

  • The attainability of her goals is questionable given the current circumstances
  • He questioned the attainability of a work-life balance in his demanding job
manageability

Relates to how easily something can be controlled, handled, or managed. This term often applies to tasks, responsibilities, situations, and sometimes in the context of handling emotions or stress.

  • The manageability of these new responsibilities is causing concern among the team members
  • He was praised for the manageability of the complex project
feasibility

Refers to whether a plan, idea, or project is practical and possible to implement. It considers aspects such as practicality, ease of implementation, and potential obstacles.

  • We need to conduct a study to determine the feasibility of this project
  • The feasibility of starting a new business in this economic climate is debatable

Examples of usage

  • The affordability of healthcare is a critical issue in many countries.
  • The government aims to improve the affordability of education for all citizens.

Interesting Facts

Etymology

  • The word comes from the Middle English 'aford,' meaning to provide or to be able to do something.
  • It combines 'afford' with the suffix '-ability,' which means having the quality of.
  • The concept of affordability has evolved as economies change, particularly during economic downturns.

Economics

  • Affordability affects housing markets, impacting where people choose to live and how communities develop.
  • In economic terms, affordability is often assessed using the ratio of housing costs to income.
  • Policies aimed at increasing affordability can include subsidies or tax incentives to help lower-income families.

Psychology

  • Perceived affordability can influence consumer behavior, leading to decisions on spending and saving.
  • People's sense of affordability often relates to their financial security and overall well-being.
  • Research shows that feelings of affordability can impact stress levels and life satisfaction.

Pop Culture

  • Reality TV shows often highlight affordability in home buying, showing how individuals navigate budgeting.
  • Social media platforms are flooded with influencers discussing budget-friendly options, emphasizing lifestyle choices on a budget.
  • The concept plays a huge role in discussions about fashion, with trends often dictating perception versus actual affordability.

Education

  • The rising cost of college education has sparked dialogue on student debt and the affordability of higher education.
  • Many educational policies now stress affordability, aiming to ensure that all students can access learning opportunities.
  • Scholarships and grants are created specifically to enhance affordability for students from various backgrounds.

Translations

Translations of the word "affordability" in other languages:

🇵🇹 acessibilidade

🇮🇳 सस्ती दर

🇩🇪 Erschwinglichkeit

🇮🇩 keterjangkauan

🇺🇦 доступність

🇵🇱 przystępność cenowa

🇯🇵 手頃さ

🇫🇷 abordabilité

🇪🇸 asequibilidad

🇹🇷 uygun fiyatlılık

🇰🇷 가격 적정성

🇸🇦 القدرة على تحمل التكاليف

🇨🇿 dostupnost

🇸🇰 dostupnosť

🇨🇳 可负担性

🇸🇮 dostopnost

🇮🇸 á viðráðanlegu verði

🇰🇿 қолжетімділік

🇬🇪 ხელმისაწვდომობა

🇦🇿 əlçatanlıq

🇲🇽 asequibilidad

Word Frequency Rank

Positioned at #23,765, this word is part of extensive vocabulary. It's relatively rare in general usage but may be important in specific fields or formal writing.