ENDS 221 Lecture : ENDS221 Notes.docx
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The housing market is vast and important, and troubles in this market played a major role in the recession of 2008-09. This exercise asks you to look up some basic data on housing. To make it easier, I have included some links (but feel free to use other data sources if you so wish). For 2000 and 2015, find:
Required information between 2010 and 2015 are as follows.
2000 | 2015 | |
Median Sales Price, New Houses Sold ($) | 1,66,542 | 2,97,258 |
Average Square Footage of Floor Area, Newly Approved One-Family Units | 2,309 | 2,691 |
Median Household Income ($) | 41,990 | 56,516 |
1. The sales price of a new house as a multiple of income. [Put another way, how many years of income would you need in order to buy a new house. Do this for 2000 and 2015.]
2. The sales price of a new house per 1,000 square feet. [Houses have been getting bigger, so what would it cost for a thousand square feet of housing.]
3. Based on your results, has new housing become more or less affordable since 2000? Justify your conclusion. Is there any other information you would like to have when assessing the affordability of housing? Give a few details.
The housing market is vast and important, and troubles in this market played a major role in the recession of 2008-09. This exercise asks you to look up some basic data on housing. To make it easier, I have included some links (but feel free to use other data sources if you so wish). For 2000 and 2015, find:
Required information between 2010 and 2015 are as follows.
2000 | 2015 | |
Median Sales Price, New Houses Sold ($) | 1,66,542 | 2,97,258 |
Average Square Footage of Floor Area, Newly Approved One-Family Units | 2,309 | 2,691 |
Median Household Income ($) | 41,990 | 56,516 |
1. The sales price of a new house as a multiple of income. [Put another way, how many years of income would you need in order to buy a new house. Do this for 2000 and 2015.]
2. The sales price of a new house per 1,000 square feet. [Houses have been getting bigger, so what would it cost for a thousand square feet of housing.]
3. Based on your results, has new housing become more or less affordable since 2000? Justify your conclusion. Is there any other information you would like to have when assessing the affordability of housing? Give a few details.
An increase in the rate of interest is likely to have what effect on investment?
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