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Four Significant Predictors of Housing Prices in Brooklyn, 11222
  • Hanna
Hanna
Vassar College

Corresponding Author:[email protected]

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Abstract

Real estate pricing has always been a contentious issue for college graduates, often determining where they end up settling after graduation. Brooklyn’s relative affordability and the influx of a millennial generation seeking housing in an increasingly expensive New York City, prompted me to explore Brooklyn’s real estate market for buyers and sellers alike. I used backward selection to fit multiple linear regression models that predicted a house’s current value in USD, stopping at a model that contained four variables: year in which the house was built, square footage of the lot, finished square footage, and last sold price. My key finding was that these four variables were the only statistically significant predictors of housing prices in Brooklyn’s 11222 area. I recognize the limitations in this study, most importantly the small sample size of 35, and urge those interested to tackle this issue with a similarly rigorous analysis but more comprehensive data.