Affordable housing is places to live that the average person can afford to purchase or rent. The cost of housing can refer either to rental housing or to homes which are owned by the occupants. People with lower income can live there.
Comparing the price of housing to income tells if housing is affordable. As the price of housing becomes a larger, affordability goes down if income is the same. Housing market sets the price for places to live.
The global financial crisis in 2008 caused huge changes and many problems in the world banking and housing systems. By 2011 home prices in Ireland dropped by about 45%. In the United States, prices fell by 34%, and foreclosures went up.
According to USA Today, homes in 2019 in the United States were least affordable to purchase compared to any other year in the last ten last years. This is because home prices are increasing much faster than wages. Cities with large universities were a good choice for university students after they graduate. For example, the University of Wisconsin-Madison in Madison, Wisconsin has very affordable housing.
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