Friday, January 20, 2017
The Future Price of New York Property
Fast Forward Labs has been using their three psychic precogs to predict the future cost of properties in New York. You can access these predictions using their Probabilistic Real Estate interactive map.
The map allows you to input a housing budget and see how likely it is that you will be able to afford to buy a property in different New York neighborhoods during different future time periods. As well as entering your housing budget you can enter the map's 'Price Mode' to view the amount of money you would need to have a 'high', medium' or 'low' probability of buying a property in each neighborhood.
The map doesn't provide much information about how the future property price predictions were calculated, except to say that 'the predictions for 2016–2018 assume that past trends continue'. The Fast Forward Labs Blog provides a little more information, explaining how it uses a hierarchical model to help make price predictions in neighborhhoods with little data based on data from similar neighborhoods.