Housing affordability (HA) is considered an important determinant of a country's socioeconomic development and stability. However, its optimal measurement has remained a major concern worldwide. In recent decades, methodological development and researches on housing affordability measurement approaches (HAMA) have accelerated and continue to grow exponentially. Despite this intensive global development, very few attempts have been made to present the theoretical bases and track the developmental trends of these approaches. Thus, this study attempts to fill this literature gap and extend prior studies by exploring several alternatives of HAMA; with a focus on their methodological weaknesses. This paper highlights three emerging novel methodologies, which complement the relative strength of the conventional approaches. Findings suggest that the main research evidence which summarizes the weaknesses in the conventional measures is; their inability to incorporate sustainability features and over reliance on economic dimension. While the complexity of emerging methodologies, though deepen the overall understanding of multiple concerns that breed HA problems. But are less transparent, more data intensive, and their computation is very demanding, with a high tendency that their complex nature could weaken their uptake by researchers. This study raises concern over the nearly sole reliance on the conventional approaches in the reformations of policy instrument, despite their overwhelming weaknesses. It reiterates the need for reconsideration and offers new insight, but not conclusive information on better ways to conceptualize and measure HA.