If an item is considered affordable, it implies that its price is reasonable, inexpensive, and within the financial reach of the majority of individuals. Thus, an affordable product or service is characterized by its suitability for inclusion within most people’s monetary capacities.
Within this context, the term “budget” pertains to the amount of money an individual possesses or has set aside specifically for the purpose of purchasing something. For instance, if a car is priced at $20,000 while my budget stands at $17,000, the car exceeds my budget by $3,000.
The Collins Dictionary has the following definition of the term:
“If something is affordable, it implies that the majority of individuals possess adequate financial resources to acquire it.”
To illustrate, when I state, “For golf to gain popularity in this country, it needs to become affordable,” I am emphasizing its current inaccessibility to the majority of people due to its high cost. This could be attributed to costly golf club memberships or a lack of government or council-operated golf courses. In essence, it necessitates a reduction in price to a level enabling the majority of individuals to afford it.
The term first appeared in the English language in 1804, signifying “that which can be spared.” In 1853, it expanded in meaning to encompass “that which can be paid for.”
Affordable – example
Imagine a scenario where a married couple, Paul and Anne, pay a visit to a travel agent. Paul, a bus driver, is accompanied by Anne, who works part-time as an office cleaner. Their family consists of their five-year-old child, Peter.
Having never experienced international travel before, Paul and Anne express their desire to spend a fortnight in a foreign country. Their preference is a sunny destination with an appealing beach. The travel agent presents them with a brochure showcasing a remarkable hotel boasting five swimming pools, conveniently situated on the beach. The comprehensive two-week package encompasses airfare, airport transfers, and all meals, with a total cost of $3,000.
Observing Paul, Anne voices her opinion: “We must seek a more economical alternative.” What is her intention?
Essentially, she implies that they would like to explore more cost-effective possibilities as the current price of $3,000 exceeds their financial means.
Curious, the agent inquires, “What is the maximum amount you can afford?” Anne promptly responds, “Approximately $2,200.”
Affordable housing
Within certain nations, the concept of “economical dwellings” possesses a particular definition. In the United Kingdom, for instance, it pertains to residences with rental costs lower than those prevailing in the market, subsidized by the government.
According to the UK Government:
“Economical dwellings comprise social rented accommodations, affordable rentals, and intermediate housing, made available to eligible households whose requirements are not fulfilled by the market. Eligibility is determined based on local incomes and prevailing house prices.”
In other nations, economical dwellings simply denote residences or lodging that can be afforded by the majority of individuals. For instance, in the central areas of London, New York, Zurich, and Vancouver, house prices and rents are exceptionally high. Consequently, many individuals who work in downtown areas must travel considerable distances due to their inability to afford nearby residency. Hence, it can be stated that these cities lack sufficient downtown economical dwellings.
In most English-speaking countries, the term “housing” in conjunction with “economical dwellings” commonly refers to housing intended for low-income families.
The verb “to afford” signifies possessing adequate monetary resources or disposable income to meet the expenses associated with a particular item.
