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BIMA Abstract

This document discusses using machine learning models to predict house prices based on house characteristics. It aims to apply data preprocessing, build models using k-Nearest Neighbors and Random Forest regression, and compare the models' performance on a housing data set to determine the best approach. The Random Forest regression model was found to best predict house prices with a mean absolute error of around 9% of the average price.

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Prince Asif
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12 views3 pages

BIMA Abstract

This document discusses using machine learning models to predict house prices based on house characteristics. It aims to apply data preprocessing, build models using k-Nearest Neighbors and Random Forest regression, and compare the models' performance on a housing data set to determine the best approach. The Random Forest regression model was found to best predict house prices with a mean absolute error of around 9% of the average price.

Uploaded by

Prince Asif
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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House Price Prediction Using Machine Learning

Abstract
Thousands of houses are sold everyday. There are some questions
every buyer asks himself like: What is the actual price that this house
deserves? Am I paying a fair price? In this paper, a machine learning
model is proposed to predict a house price based on data related to the
house (its size, the year it was built in, etc.). During the development and
evaluation of our model, we will show the code used for each step followed
by its output. This will facilitate the reproducibility of our work. In this study,
Python programming language with a number of Python packages will be
used.

1
Goals of the Study
The main objectives of this study are as follows:

 To apply data preprocessing and preparation techniques in


order to obtain clean data
 To build machine learning models able to predict house price
based on house features
 To analyze and compare models performance in order to
choose the best model

In this study, the machine learning algorithms k-Nearest-Neighbours regression (k-


NN) and Random Forest (RF) regression were used to predict house
prices from a set of features in the Ames housing data set. The algorithms
were selected from an assessment of previous research and the intent was to
compare their relative performance at this task.
Software implementations for the experiment were selected from the scikitlearn
Python library and executed to calculate the error between the actual and
predicted sales price using four different metrics. Hyperparameters for the
algorithms used were optimally selected and the cleaned data set was split using
five-fold cross-validation to reduce the risk of bias. An optimal subset of
hyperparameters for the two algorithms was selected through the grid search
algorithm for the best prediction.
The Random Forest was found to consistently perform better than the kNN
algorithm in terms of smaller errors and be better suited as a prediction
model for the house price problem.With a mean absolute error of about 9 % from
the mean price in the best case, the practical usefulness of the prediction is rather
limited to making basic valuations.

2
Architecture

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