Descriptive Statistics - Collecting Data Key Terms

Descriptive Statistics and Data Collection

  • Descriptive Statistics: The foundational branch of statistics concerned with organizing, summarizing, presenting, and describing quantitative and qualitative datasets in a clear and meaningful manner.

  • Data Collection: The process of gathering raw measurements, observations, numerical values, or categorical characteristics from populations or samples for statistical analysis.

Key Statistical Data from 2022 News Reports

In the year 2022, multiple key data points were reported across public media, reflecting economic, housing, and demographic trends in the United States:

  • Housing Market Metrics:

    • Median US Housing Price (May 2022): The median price of houses sold in the United States in May 2022 was textdollar428,700\text{\\textdollar}428,700.

    • Housing Price Increase: This median home price represents a 20%20\% increase compared to April 2021.

    • Homeownership Rate: 65%65\% of homes are owned by the people who live in them.

  • Household Earnings Metrics:

    • Median Annual Household Income (2022): The median household annual income in 2022 was textdollar67,521\text{\\textdollar}67,521.

  • Energy and Gasoline Price Metrics:

    • Average Gasoline Price (January 2022): The average price of gasoline in January 2022 was textdollar3.41\text{\\textdollar}3.41 per gallon.

    • Average Gasoline Price (May 2022): The average price of gasoline in May 2022 rose to textdollar4.55\text{\\textdollar}4.55 per gallon.

  • Demographic Distribution of the US Population by Race:

    • White: 60%60\% of the US population.

    • Hispanic: 18%18\% of the US population.

    • Black: 13%13\% of the US population.

    • Asian: 6%6\% of the US population.

    • Mixed Race: 3%3\% of the US population.