Whois & Analysis for city-data.com

Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.

Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing.".

Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.

However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents, and other forms of earnings received...

in a given period of time.".

Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value).

Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a centralized Walrasian auction like a stock exchange is unrealistic).

Location also plays a key role in valuation.

However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value.

Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on.

Sometimes an appraisal report is used to establish a sale price for a property.

Economic value is a measure of the benefit provided by a good or service to an economic agent.

It is generally measured relative to units of currency, and the interpretation is therefore "what is the maximum amount of money a specific actor is willing and able to pay for the good or service"?.

Cost of living is the cost of maintaining a certain standard of living.

Changes in the cost of living over time are often operationalized in a cost of living index.

Cost of living calculations are also used to compare the cost of maintaining a certain standard of living in different geographic areas.

Differences in cost of living between locations can also be measured in terms of purchasing power parity rates.