The subject of analyzing housing prices, along with the accompanying dataset, is indeed intriguing and presents a valuable opportunity for comprehensive analysis. This dataset encompasses a myriad of diverse factors that exert influence on property valuations. The insights derived from such an analysis can significantly aid our capacity to assess the worth of properties in future contexts.
The dataset chosen pertains to residential properties within a specific California district and contains comprehensive summary statistics from the 1990 census data. This dataset provides insights into the valuation of various houses in California, and we are going to consider and compare the following factors to conclude the results:
- Longitude: A measure of how far west a house is; a higher value is farther west.
- Latitude: A measure of how far north a house is; a higher value is farther north.
- Housing Median Age: The median age of a house within a block; a lower number represents a newer building.
- Total Rooms: Total number of rooms within a block.
- Total Bedrooms: Total number of bedrooms within a block.
- Population: Total number of people residing within a block.
- Households: Total number of households, a group of people residing within a home unit, for a block.
- Median Income: Median income for households within a block of houses (measured in tens of thousands of US Dollars).
- Median House Value: Median house value for households within a block (measured in US Dollars).
- Ocean Proximity: Location of the house with respect to the distance to the ocean/sea.