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Ruthie Rocks & Teaching Jim Audio Experience - Median Price Jumps - How To Determine Median Price. 🙄Mortgage Rates Rise😆 Noise Rating Site👍
Median Vs. Average: Whats the difference?
Understanding the Lingo before house shopping
Median
- Price where half the homes sold in any given area that month were cheaper and the other half more expensive
- Regarded as most useful when looking at prices.
Average
- Total number of prices divided by the number of houses
- The average price of these 11 houses was $498,000
If you're shopping for a house, one the biggest issues you have to face is how much you can afford and how you will balance that with the kind of house you want, in the location that suits you best. Real estate sources online and real estate agents often mention "average prices" and "median prices" when they compare prices in various area, and those terms often cause confusion
NerdWallet is an interesting tool that you can use to determine costs of living in different states.
Where does the data come from?
- core cost of living is from ACCRA cost of living index from the council for community and economic research. Price collection by city is conducted in strict conformance with standard specifications at specified times.
- Demographics data (including population,age,ethnicity,education and gender breakdown) were compiled from the US census
How is this tool different from other resources out there?
- While other resources provide basic cost comparisons. NerdWallet's cost of living calculator and accompanying city life tool go one step further by offering information on schools, quality of life and demographics, giving users a one-stop shop to explore new cities.
Watch the video and find out more!
View all episodes
By Ruthie RocksMedian Vs. Average: Whats the difference?
Understanding the Lingo before house shopping
Median
- Price where half the homes sold in any given area that month were cheaper and the other half more expensive
- Regarded as most useful when looking at prices.
Average
- Total number of prices divided by the number of houses
- The average price of these 11 houses was $498,000
If you're shopping for a house, one the biggest issues you have to face is how much you can afford and how you will balance that with the kind of house you want, in the location that suits you best. Real estate sources online and real estate agents often mention "average prices" and "median prices" when they compare prices in various area, and those terms often cause confusion
NerdWallet is an interesting tool that you can use to determine costs of living in different states.
Where does the data come from?
- core cost of living is from ACCRA cost of living index from the council for community and economic research. Price collection by city is conducted in strict conformance with standard specifications at specified times.
- Demographics data (including population,age,ethnicity,education and gender breakdown) were compiled from the US census
How is this tool different from other resources out there?
- While other resources provide basic cost comparisons. NerdWallet's cost of living calculator and accompanying city life tool go one step further by offering information on schools, quality of life and demographics, giving users a one-stop shop to explore new cities.
Watch the video and find out more!