I am new to the forum and I am also new to statistic (taking my 2nd course). I am having trouble to interpret results from a binary logistic regression model and am hoping to get some help here.
For example, in a model of home-ownership, I have 5 independent variables with its estimates from a binary logistic regression:
Dependent/response variable - 1 if the household owns a house, 0 otherwise
Independent variables and the associated estimates-
Number of workers in the family: -1.0422
Size of the household: 0.5217
Number of vehicles in the household: -1.3394
Dummy variable which is 1 if the household resides in an urban area, otherwise 0: -1.5907
Annual income (in thousands): 0.0655
Let's say if I want to predicted odds of home ownership for a 1-unit increase in annual income, how am I suppose to interpret the estimate 0.0655?
Any help would be greatly appreciated.
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