The homeownership rate in the U.S. was 67.2% in 2009. In order to determine if homeownership...

The homeownership rate in the U.S. was 67.2% in 2009. In order to determine if homeownership is linked with income, 2009 state-level data on the homeownership rate (Ownership in %) and median household income (Income in $) were collected. A portion of the data is shown in the accompanying table.

State	Ownership	Income
Alabama	73.9	39870
Alaska	66.7	61494
Arizona	68.7	45629
Arkansas	68.3	36428
California	56.9	56024
Colorado	68.3	55820
Connecticut	70.4	64741
Delaware	76.3	52004
District of Columbia	44.8	53031
Florida	70.7	45521
Georgia	67.2	43230
Hawaii	59.4	55539
Idaho	75.3	46668
Illinois	69	52760
Indiana	71.8	44195
Iowa	72.2	50611
Kansas	67.2	44607
Kentucky	71	42554
Louisiana	71.7	45323
Maine	73.8	47392
Maryland	69.5	64076
Massachusetts	65	59263
Michigan	74.3	45884
Minnesota	72.8	55980
Mississippi	75.3	34968
Missouri	71.8	48659
Montana	70.5	40327
Nebraska	70	49485
Nevada	62.3	51324
New Hampshire	75.9	64021
New Jersey	65.8	64667
New Mexico	68.9	43432
New York	54.3	50106
North Carolina	69.9	41796
North Dakota	65.6	49965
Ohio	69.5	45769
Oklahoma	69.4	45768
Oregon	68	48988
Pennsylvania	72	48062
Rhode Island	62.8	51524
South Carolina	74.2	40991
South Dakota	69.4	45716
Tennessee	70.9	40407
Texas	65.2	47365
Utah	74	58381
Vermont	74.1	52208
Virginia	69.6	60391
Washington	65.4	60282
West Virginia	78.5	40380
Wisconsin	70.2	51127
Wyoming	73.6	52360

a-1. Estimate the model Ownership = β₀ + β₁Income + ε.

y^ = _____+ _____ Income

b. What is the standard error of the estimate?

Standard Error:

Expert Solution

orchestra answered 3 years ago

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