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The 1990 census reported that 27% of the households in Middletown were homeowners and the remainder were renters. During the next decade, 7% of the homeowners became renters and the rest continued to be homeowners. Similarly, 16% of the renters became homeowners and rest continued to rent.

(A) Fill in the appropriate transition matrix for this process.
(B) What percentage of households were homeowners in 2000?
(C) What percentage of households will be homeowners in 2010?

Please explain how to arrive at the answers.

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Transition matrix is clarified in this solution. The percentages of households that will be homeowners are determined.

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(B) What percentage of households were homeowners in 2000?
(C) What percentage of households will be homeowners in 2010?

93% of homeowners remain homeowners, and 7% of them become renters. This gives us the first ...

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