They are also the most expensive neighborhoods by median, mean, and maximum house prices. StoneBr and NridgHt have the largest spreads in terms of standard deviation. The number of houses and standard deviation also makes the qualification unclear. Some general trends and labels can be made, however, there is no clear most expensive or least expensive neighborhood, as there is no neighborhood which has the highest or lowest prices for the metrics of minimum, median, mean, and maximum. The mean and median prices for each neighborhood tend to be quite similar. It is also clear that the spread of prices in each neighborhood varies greatly. Next, neither the most expensive nor least expensive house for each neighborhood is uniformly increasing as the medians are. They are sorted in ascending order by median price of their neighborhood.įirst, note that the number of homes in each neighborhood varies from 2 to 155. The above box and violin plot shows the house prices. Report the value of your chosen summary statistics for these neighborhoods. Which summary statistics are most appropriate to use for determining the most expensive, least expensive, and most heterogeneous (having the most variation in housing price) neighborhoods? Report which neighborhoods these are based on the summary statistics of your choice. The mantra in real estate is “Location, Location, Location!” Make a graphical display that relates a home price to its neighborhood in Ames, Iowa.
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