The file P02_51.xlsx contains data on U.S. homeownership rates.
a. Employ numerical summary measures to characterize the changes in homeownership rates across the country during this period. b. Do the trends appear to be uniform across the U.S. or are they unique to certain regions of the country? Explain.
EXPERT ANSWER
a. Considering the problem containing the home ownership rates in U.S. here to calculate the mean and standard deviation of different years by using the formula of average and the standard deviation by selecting each column particularly.
b. The basic trend followed is that in the initial years the home ownership rate was low everywhere if compared relatively rather than absolutely but gradually the ownership rate has increased may be due the increase in the living standards of people, change in their preferences or change in the level of income.