Question

Number of Houses Across Different Property Value Ranges
Value per House Number of Houses
$150,000
2
$220,000
4
$490,000
3
$540,000
2
$800,000
5
$975,000
2
The values of several houses on Mango Street are displayed on the table. What is the median value of these houses?


(1 point)
$

Answer 1

To find the median value of the houses, we need to list out all the house values according to the number of houses at each price point.

Here are the values based on the provided data:

- $150,000: 2 houses
- $220,000: 4 houses
- $490,000: 3 houses
- $540,000: 2 houses
- $800,000: 5 houses
- $975,000: 2 houses

Now, let's list all the houses in numerical order:

- $150,000, $150,000
- $220,000, $220,000, $220,000, $220,000
- $490,000, $490,000, $490,000
- $540,000, $540,000
- $800,000, $800,000, $800,000, $800,000, $800,000
- $975,000, $975,000

Now we count the total number of houses:

- 2 (from $150,000)
- 4 (from $220,000)
- 3 (from $490,000)
- 2 (from $540,000)
- 5 (from $800,000)
- 2 (from $975,000)

Total houses = 2 + 4 + 3 + 2 + 5 + 2 = 18 houses.

Since there is an even number of houses (18), the median will be the average of the 9th and 10th house values in our ordered list.

Listing the values as detailed above:

1. $150,000
2. $150,000
3. $220,000
4. $220,000
5. $220,000
6. $220,000
7. $490,000
8. $490,000
9. $490,000
10. $540,000
11. $540,000
12. $800,000
13. $800,000
14. $800,000
15. $800,000
16. $800,000
17. $975,000
18. $975,000

Now, the 9th house is valued at **$490,000** and the 10th house is valued at **$540,000**.

To find the median, we calculate the average of these two values:

\[
\text{Median} = \frac{490,000 + 540,000}{2} = \frac{1,030,000}{2} = 515,000
\]

Thus, the median value of the houses is **$515,000**.