Studio set back in thoroughfare I let, affordable (7)
I believe the answer is:
atelier
'studio' is the definition.
(atelier is a kind of studio)
'set back in thoroughfare i let affordable' is the wordplay.
'set back' says the letters should be written in reverse.
'in' says the answer is hidden in the clue.
'reileta' is hidden in the letters of 'thoroughfare i let affordable'.
'reileta' in reverse letter order is 'ATELIER'.
(Other definitions for atelier that I've seen before include "Artist's workroom" , "Artist's studio (French)" , "room for artist" , "Artist's workshop, studio" , "I relate to workshop used by artist" .)