The homeownership rate in the United States was 67.4% in 2009. In order to determine if homeownership is linked with income, 2009 state level data on the homeownership rate (Ownership) and median household income (Income) were collected. A portion of the data is shown below; the entire data set, labeled Home_Ownership, can be found on the text website.

a. Estimate and interpret the model: Ownership = β0 + β1Income + .
b. What is the standard error of the estimate?
c. Interpret the coefficient ofdetermination.

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State Alabama Alaska Income $39,980 $61,604 Ownership 74.1% 66.8% Wyoming $52,470 73.8%