Average, Mean housing price = 46,000 $
As per normal distribution, 68% of the observations lie between one standard deviation on either side of the mean
It means, if x is the mean, ? is the standard deviation, we have 68% observations lying between x-? and x+?
Here let us consider the values of 38100 and 53900
46000-38100 = 7900
53900-46000 = 7900
It means that ? = 7900
In this distribution, we have 60% observations lying between x-? and x+?
The standard deviation, ? = 7900
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