The U.S. Census Bureau published the data in Table 1 on home ownership rates. Let x represent

Question:

The U.S. Census Bureau published the data in Table 1 on home ownership rates. Let x represent time in years with x = 0 representing 1900. Use logarithmic regression to find the best model of the form y = a + b ln x for the home ownership rate y as a function of time x. Use the model to predict the home ownership rate in the United States in 2025 (to the nearest tenth of a percent).

Table 1 Home Ownership Rates Rate(%) 55.0 61.9 62.9 64.4 64.2 67.4 66.9 Year 1950 1960 1970 1980 1990 2000