What is the definition of an Affordable Unit?

An Affordable Unit is best defined as a unit rented at 30% of a household's monthly income. This measure is widely used to determine affordability in housing policy, as it aligns with the general guideline set by various government programs indicating that no household should spend more than one-third of their income on housing costs. This standard helps ensure that families have enough financial resources for other essentials, such as food, healthcare, and education, promoting overall economic stability and well-being.

While other definitions may touch on aspects of affordability, they do not capture the essence of the widely accepted criteria that specifically connects rent to household income, which is crucial for designating a housing unit as affordable. For instance, simply being offered at a reduced price (the second option) does not necessarily ensure that the rent aligns with the income of the household. The third option limiting availability to low-income families does not account for varying income levels within that group or the broader application of what makes a unit affordable. Lastly, associating affordability with newly constructed buildings is misleading since affordability can apply to older units as well, provided they meet income-based cost criteria.