The 1990 census showed that 36% of the households in the District of Columbia were homeowners, while
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The 1990 census showed that 36% of the households in the District of Columbia were homeowners, while the remainder were renters. During the next decade 6% of the homeowners became renters and 12% of the renters became homeowners.
(a) What percentage were homeowners in 2000? In 2010?
(b) If these trends continue what will be the long-run fraction of homeowners?
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