The amount of income spent on housing is an important
The amount of income spent on housing is an important component of the cost of living. The total costs of housing for homeowners might include mortgage payments, property taxes, and utility costs (water, heat, electricity). An economist selected a sample of20 homeowners in New England and then calculated these total housing costs as a percent of monthly income, 5 years ago and now. The information is reported below. Is it reason-able to conclude the percent is less now than 5 yearsago?
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