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Housing Affordability: median price

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Why do you suppose that housing affordability is routinely calculated and reported by using the median price of a house in a given city? That is, what is there about the median that makes it a good measure of housing costs in a particular area?

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https://brainmass.com/sociology/research-methods/housing-affordability-median-price-624585

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Housing Affordability

For people seeking to purchase a house, oftentimes the most asked questions centers on the affordability of the property. Can they afford it? Can they maintain the monthly mortgage payments? To purchase a property is a major decision as it ties down the buyer to responsibility of serving the monthly fees and the bank or financier that provided the loan (as not all purchases can afford the full amount without a mortgage). Housing affordability simply refers to the (Stone, 2006), "expression of the social and material experiences of people, constituted as households, in relation to their individual housing situations. Affordability expresses the challenge each household faces in balancing the cost of its actual or potential housing, on the one hand, and its nonhousing expenditures, on the other, within the constraints of its income." Simply put - it is the comparative analysis of the appropriation of income as ...

Solution Summary

The solution provides information, assistance and advise in tackling the task (see above) on the topic of housing affordability as it relates to median price of houses in an area. Resources are listed for further exploration of the topic.

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