Photo (cc) by mypubliclands
$23 trillion – that’s the value of all the land in the contiguous U.S. But some states’ land is worth far more than others.
Not surprisingly, because of its massive size and per acre cost of $39,092, California is the most valuable state in the U.S., according to 24/7 Wall St. But if you’re solely considering the sheer value of land relative to size, New Jersey comes out on top with estimates of $196,400 per acre, 16 times the average value per acre in the contiguous U.S.
“States with generally larger rural areas tended to have a lower value relative to their size, while more densely populated states that contain large urban centers had the highest estimated worth per acre,” 24/7 Wall St. said.
Land type plays a big part in land value. For instance, agricultural and undeveloped lands are worth much less than developed land in cities and suburbs.
“Developed land, or land where housing, roads and other structures are located, was valued at an estimated $106,000 per acre, while undeveloped land was estimated at $6,500 per acre, and farmland at only $2,000 per acre,” 24/7 Wall St. explained
These are America’s most valuable states, based on land value:
- New Jersey. Land value per acre – $196,410.
- Rhode Island. $133,730.
- Connecticut. $128,824.
- Massachusetts. $102,214.
- Maryland. $75,429.
- Delaware. $57,692.
- New York. $41,314.
- California. $39,092.
- Ohio. $32,077.
- Pennsylvania. $31,923.
These are the least valuable states in the U.S., based on land value:
- Wyoming. Land value per acre – $1,558.
- New Mexico. $1,931.
- Nevada. $2,116.
- South Dakota. $2,135.
- Montana. $2,283.
- North Dakota. $2,283.
- Nebraska. $2,936.
- Idaho. $3,435.
- Kansas. $4,220.
- Arizona. $4,328.
How did your state rank? You can find out here.
Were you surprised to see how land costs vary across the U.S.? Share your comments below.