For the past 50 years, median housing prices have grown on average 5.4% per year. The Baltimore Neighborhood Indicators Alliance gives the median price of homes sold for the following Baltimore City neighborhoods of Greater Govans (Govans), North Baltimore/Guilford/Homeland (Guilford), and Sandtown-Winchester/Harlem Park (Sandtown) in the year 2015. Assuming 5.4% annual growth on median housing prices, what would the median price be in 5 years? What about in 2055?

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To calculate the median housing prices in 5 years and in 2055 assuming an average annual growth rate ... View the full answer