The homeownership rate in the U.S. was 67.4% in 2009. In order to determine if homeownership is linked with income, 2009 state level data on homeownership rate (Ownership) and median household income (Income) were collected. A portion of the data is shown below; the complete data can be found on the text website, labeled Home Ownership.
a. Estimate and interpret the model: Ownership = β0 + β1 Income + ε.
b. What is the standard error of the estimate? Calculate and interpret Se/
.
c. Interpret the coefficient of determination.