In similar logic, this shows median home values, which can be useful insight for users to pick out the areas to invest in a home for depending on their financial capabilities.
It is also useful to examine where the home value stand out and potentially invest in housing around it or avoid moving into that area.
Rent vs household income. Ignoring the line of automatically filled rent statistic as they were missing values before. There is a positive correlation between rent and median household income which is nothing close to a surprise. However, the residuals are quite high in value. Which means there are likely other major factors in affecting rent.Â
What about labor force and rent?
According to the visualization, there does not seem to be strong positive correlation between them. Which means a larger labor force(or in turn population) does not affect the rent.
But due to the shape of graph, there are interesting information that can be gleaned from this. The data is most sporadic at lower labor force numbers, which is interesting but makes sense considering that smaller towns tend to have lower rent due to low housing demand, but if it is a resort town, the demand naturally changes. The variance gets smaller as the labor force increases, which means the properties of the towns are less different as the population grows.