1 in 3 Under the Pump !

Originally posted by nosirommit ↑

Nothing to do with where you hang around, you don't read.

Median
The median is the value separating the higher half of a data sample, a population, or a probability distribution, from the lower half. In simple terms, it may be thought of as the "middle" value of a data set.

Mean(Average)
In mathematics and statistics, the arithmetic mean ( /ˌærɪθˈmɛtɪk ˈmiːn/, stress on third syllable of "arithmetic"), or simply the mean or average when the context is clear, is the sum of a collection of numbers divided by the number of numbers in the collection

Take the below numbers.
1 2 3 4 5 7 8 20

The mean (average) of this set is 6.25
The median is 4.5

Big difference, yes?

Now take your example.
The middle wealth portion of this set is say the range of 4-8.
So the mean (average) of the middle section of this is 6. Quite close to the mean of the whole set.
But the median of this set is 6. Wildly different to the median of the entire set.

Maths lesson aside, property prices are reported as median, therefore to compare with wealth you must use median wealth not mean (average).

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Thanks doc, saves me from cracking open that Statistics for Idiots again

While we're into measures of central tendencies.... see? I too have learnt statistics in Research Methods I, and II... what's the mode [most frequent] wealth you reckon?

You still haven't answered what's the median wealth for Aussies in Sydney and Melbourne where the median house prices range from $800k to $1.2M.

Range... that's another statistical term. Thought I should throw it in there

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Was mentioning my neighbourhood because while house prices goes sky high, the majority of the people around it are not your latte sipping, beamer driving socialite. There are some who does pretty well, as far as I can tell by the cars and house they do live in... let's put it this way, there are people who buy those who can buy $5k to $10k Louis Vuitton handbags, but they have to cover it in a shopping bag and let their husband holds it while going about town.

That's a bit much since the snatchers would just assume it's a fake anyway. But you get an idea of the neighbourhood I'm talking about.

While we're on a tangent, there's this moderate 5 years young McMansion by the creek, in a 100 year flood zone, listing for $1.9m. It didn't sell a couple of weeks ago and just yesterday I saw they increased the asking price from $1.8m.

Same deal with this other knock-down but you can buy and rebuild your dream home... some 850m2 and can be yours from $900k. Up from $800k last a couple of weeks ago.

When you can't sell it, make it more valuable is the way.