Case 6.6 For a significant proportion of Australians, owning a home in their lifetime is becoming a.

Case 6.6

For a significant proportion of
Australians, owning a home in their lifetime is becoming a dream. Australians
spend about one-fifth of their income on the cost of housing or renting a home.
The Australian Bureau of Statistics has published the following information on
home ownership based on data from a 2005–2006 survey. Based on the data
provided:

a What proportion of households are
renters?

b What proportion of households are renters
from the state housing authority?

c Find the probability that a household
selected at random will be living in a private rental property.

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Case 6.6

For a significant proportion of
Australians, owning a home in their lifetime is becoming a dream. Australians
spend about one-fifth of their income on the cost of housing or renting a home.
The Australian Bureau of Statistics has published the following information on
home ownership based on data from a 2005–2006 survey. Based on the data
provided:

a What proportion of households are
renters?

b What proportion of households are renters
from the state housing authority?

c Find the probability that a household
selected at random will be living in a private rental property.

d Find the probability that a household
selected at random is a home owner without a mortgage.

e What is the probability that a renter
household selected at random is living in a house owned by the state housing
authority? Consider the homebuyers who bought their house in the last three
years.

f What proportion of the recent homebuyers
are changeover buyers?

g What proportion of the recent homebuyers
are first home buyers?

h Given that the selected household bought
a new home, find the probability that the household is a changeover buyer.

i Given that the selected household bought
an established home, find the probability that the household is a first home
buyer. From these probabilities and the data, discuss the characteristics of
the Australian homebuyers and renters.

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