Understanding the Effects of Income on Housing Prices in the United States of America
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This paper explores the effects of income on housing prices in the United States. Data from the 50 states including the District of Columbia was all collected within a year of each other in order to accurately reflect the metrics as they pertain to every part of the country. It is hypothesized that higher median income in a state would yield higher median housing prices, and for the most part we can conclude there is a significant correlation present. That being said, there are other factors which are shown to have as much if not a more significant impact on housing prices, such as household size, educational attainment, and statewide minimum wage.