The availability of housing, meeting need and demand for the full spectrum of household affordability, should be viewed as an integral part of any successful region conferring economic, social, and environmental benefits that underpin sustainable growth and stable communities. It is commonly recognized that home ownership is important for local political and social stability, as well as for wealth generation. But it is often overlooked that housing affordability, in general, is critical for the development and expansion of a local workforce. Although housing affordability can mean different things to different people, this discussion spans a wider spectrum, intended to characterize a problem experienced by everyone, not just the lowest incomes. The objective of this article is to identify how communities can craft policy and strategies that more effectively address the complexity and uniqueness of local issues. The article first discusses housing affordability challenges, its consequences, and which supply and demand factors contribute to or exacerbate them. The article continues with a discussion of how this affects a community’s economic competitiveness and strategies that are typically used to address the situation. Finally, the discussion ends with case study examples and questions that communities should answer in creating locally-tailored strategies that do not deteriorate their economic competitiveness.