ou are between jobs and have decided to relocate to a city west of the Mississip
ID: 1251453 • Letter: O
Question
ou are between jobs and have decided to relocate to a city west of the Mississippi River, but you are unsure of what size or type of city you and your family can afford to live in.Choose 4 cities west of the Mississippi River, each of a different size, and research the housing prices for a 3-bedroom, 2-bath condo for each city. Determine how supply and demand can affect the prices of these homes. In a PowerPoint presentation, submit data findings that include economic factors within that area that may influence your decision, or factors that have prohibited an area to be chosen.
I really do not need the power point presentation, just help with information.
Present the data in the following format:
1 slide of housing data findings. Provide the housing prices of each chosen city west of the Mississippi for a 3-bedroom, 2-bath condo or house.
2–3 slides of your preferred city to relocate with your reasoning for this choice
1–2 slides: Explain at least 2 reasons why housing prices vary from city to city
3–5 slides: Explain 3–4 ways in which supply and demand affect the prices of the homes
3–5 slides: Include any supply and demand figures or calculations to support your reasoning
Explanation / Answer
ou are between jobs and have decided to relocate to a city west of the Mississippi River, but you are unsure of what size or type of city you and your family can afford to live in.
Choose 4 cities west of the Mississippi River, each of a different size, and research the housing prices for a 3-bedroom, 2-bath condo for each city. Determine how supply and demand can affect the prices of these homes. In a PowerPoint presentation, submit data findings that include economic factors within that area that may influence your decision, or factors that have prohibited an area to be chosen.
I really do not need the power point presentation, just help with information.
Present the data in the following format:
Cities: I went on http://forum.skyscraperpage.com/showthread.php?t=172652 to find the biggest and thus easiest to research cities:
1) Los Angeles 12.9 M
2) Phoenix 4.28 M
3) SF 4.27 M
4) Seattle 3.3 M
1 slide of housing data findings. Provide the housing prices of each chosen city west of the Mississippi for a 3-bedroom, 2-bath condo or house.
http://www.realtor.com/realestateandhomes-search/Los-Angeles_CA and then just search each city to get:
(Note: I found five different homes for each one and took the average to find the data below)
1) Los Angeles: $2,500,000
2) Phoenix: $275,000 (wow - big jump!)
3) SF = San Francisco, CA: $1,265,000 (another big jump)
4) Seattle: $585,000
2–3 slides of your preferred city to relocate with your reasoning for this choice
SEATTLE, because:
- Its homes are much cheaper than both LA and SF
- Seattle's income level, according to the U.S. Census, has the highest median (not mean; the highest mean is in Los Angeles, but the mean is a skewed measure of income)
- Despite the recent recession, Seattle has one of the healthiest economies in the U.S. Homebuying continues to happen, indicating that home prices are likely to go up soon and that it's a good idea to buy a home here now.
- iCarly is hosted there (just kidding, don't put this)
1–2 slides: Explain at least 2 reasons why housing prices vary from city to city
1) Los Angeles: $2,500,000 this is skewed super-high by the insane housing prices in areas like Beaverly Hills. Poor areas tend to have smaller homes than 3bdrm/2 bath and therefore such figures are only measurable by the super-rich houses.
2) Phoenix: $275,000 (wow - big jump!) Phoenix is a very poor area; despite Arizona's numerous reforms, illegal immigration continues to plague AZ's state finances and hamper further economic development.
3) SF = San Francisco, CA: $1,265,000 (another big jump) SF has a very strong "Silicon Valley" area that's home to Google, Facebook, Apple, and countless other tech companies. The area is home to the world's richest geeks - and no wonder, its housing prices are high.
3–5 slides: Explain 3–4 ways in which supply and demand affect the prices of the homes
If increased supply in homes is not offset by demand (sales), then we see a decrease in prices - similar to what happened when the housing bubble burst in 2008.
Demand makes an area appear more desirable; prices are pushed up, leading to an even greater demand.
In turn, too-high supply sends the message that "no one wants to live here" - if every street is covered in "for sale" signs, the buyer thinks, "Is something wrong with this place?" and the downward spiral begins.
3–5 slides: Include any supply and demand figures or calculations to support your reasoning
Some fantastic graphs:
http://www.calculatedriskblog.com/2007/03/housing-supply-demand-imbalance.html
http://blogs.wsj.com/developments/2009/01/13/nationwide-housing-supply-still-outpacing-demand/
http://pods.dasnr.okstate.edu/docushare/dsweb/Get/Document-2185/F-919web.pdf
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