In this video, Felicia talks about the cheapest place to buy land. If you’re looking for land for cheap land for sale near me, or the cheapest land in the US – we’ve made it easy for you! Check out the list here.
From the video:
Are you looking for affordable land for sale? Want to know which states are the cheapest to buy in?
My name is Felicia I’m a land investor and a partner at Compass Land USA.
We’ve bought and sold hundreds of properties across the US.
Today I’m going to share with you some of the cheapest states and counties you can buy land in 2022.
Something I want you to keep in mind before starting this process is you get what you pay for. Ok, so we might not be seeing the most beautiful land this country has to offer, we’re looking for the cheapest vacant land available. And normally, the cheapest land in the US will not have any utilities, it might not even have road access. Many Counties have zoning restrictions on what you can use the property for, too. You want to check that out before buying.
We have a land buying checklist of things to look at before you buy, I’ll put a link to that in the description here.
SPOILER ALERT!
The cheapest states turned out to be New Mexico, Arizona, and Mississippi.
There were a couple of other ones mixed in there like Colorado and California. But the vast majority of the results were in those top 3: Arizona, New Mexico, and Colorado.
So how did we determine this? Data. I’m actually an engineer, I have a couple of degrees in engineering, that’s my background before entering the real estate world, and I LOVE data.
So we went and parsed through several of the most dominant land listing websites including LandWatch, Land and Farm, Lands of America, LandFlip, and Zillow. We took the most recent price per acre data they had available and collected it here for easy pickings for you.
For acreage size, we chose to use 1 acre and 5 acres as examples. We had to choose a way to normalize across the websites and data provided. So we examined 1 acre and 5 acres. These also seem to be the most popular size requests from our customers (people who buy land from us) and I figured it would be the most helpful for you here.
Cheapest State to Buy 1 Acre of Land
Let’s jump right into it. Let’s go over the 1-acre results first, for the top 10 inexpensive states. So the cheapest place to get 1 acre of land turned out to be …
Torrance County NM
Torrance County is located in the center of the state of New Mexico
About 40 miles east of Albuquerque
Total square miles: 3,345
Nearby parks: Manzano Mountains State Park, Cibola National Forest, Fourth of July Campground
Mississippi surprised me here. Last year I think we had Jasper County MS on the list, now it’s Rankin County. New Mexico isn’t a shocker. There’s a ton of cheap land there, so it’s not surprising it’s the most dominant state on the list. Desert squares are typically the cheapest type of land.
Another interesting point is that prices are on the rise. The cost per acre is higher than in 2021 and 2022. Maybe it’s because of inflation, or people are looking for a hedge against banking issues and a potential recession. I know we’ve had a few new customers who said they were looking for a place to park some cash besides the bank.
If you’re worried about this trend in increasing prices, I wouldn’t fret too much. You can still get into the land market with owner financing. Often you can do this without much hassle. For example, at Compass Land USA, we don’t do credit checks, or charge a prepayment fee.
Cheapest State to Buy 5 Acres of Land
Now let’s check out the 5 acre results, top 10, see if the pattern continues. The cheapest place to get 5 acres of land turned out to be …
Eastern column, borders Utah on its northern border
Contains Holbrook, Snowflake
Total square miles: 9,949
Nearby parks: Petrified Forest National Park, Apache-Sitgreaves National Forest, Coconino National Forest
Lowest price per 5 acres: $6,500
Mohave County AZ
Mohave County is located in the northwestern corner of AZ, next to NV, CA, and UT borders
Contains Kingman and Bullhead City
Total square miles: 13,311
Nearby parks: Grand Canyon-Parashant National Monument, Havasua National Wildlife Refuge, Hualapai Mountain Park Campground
Lowest price per 5 acres: $6,500
One surprising thing here is that Texas and Florida didn’t show up at all. Maybe it’s because those 2 states have such a high amount of immigration right now?
So for both 1 acre and 5 acre plots, the cheapest states to buy land in 2023 are New Mexico, Arizona, Mississippi, followed by Colorado and California.
Some great news for you here is that at Compass Land USA, we do a lot of work in Colorado, and Arizona. So make sure you check out our website compasslandusa.com for all our current listings.
And if you’re interested in doing your own deep dive or research, you can check out those websites I mentioned earlier, I’ve included them throughout this post.
I hope you found this video helpful!
Please don’t forget to leave a comment, let me know if this was useful for you, leave a question – I’ll reply with your answer. And make sure you subscribe to our channel. We do lots of informative land buying videos like this as well as pretty cool customproperty tour videos.
Thank you so much for watching, and I’ll talk to you soon. 🙂
Want Your Own Copy of the Land Buying Checklist?
You can get yourself it for free – just fill out the form below!
So for both 1 acre and 5 acre plots, the cheapest states to buy land in 2023 are New Mexico, Arizona, Mississippi, followed by Colorado and California.
InMyArea.com performed a study that took a look at the median prices per acre in 2021 and found that Arizona had the cheapest median cost per acre, at $4,164. The data includes the price of land with existing homes and the cost of land designated as a homesite was also included so that you can have some comparison.
Land investment may not be as common as residential real estate, rental properties, or REITs, but it's looking like a solid choice in 2023, and beyond. Investments in land have steadily increased over the last decade. Investors may purchase land for agricultural purposes or residential and commercial real estate.
Although home prices are expected to improve in the second half of the year, the California median home price is projected to decrease by 5.6 percent to $776,600 in 2023, down from the median price of $822,300 recorded in 2022.
Parts of Wyoming can have some very large ranches that seem relatively inexpensive compared to ranches in other areas and other states. This may be because the land is not as productive, is a long way from a major town, and may have limited water or other resources.
Is buying land a good investment? In most cases, the answer is yes – as long as you're properly prepared. Investing in undeveloped land, however, isn't quite as simple as putting money down on a duplex. To ensure you're making an informed decision, we've outlined our top seven tips to know before purchasing land.
How much is an acre of land in Texas? The average price per acre of rural land in Texas was more than $4,000 per acre in 2022, according to the Texas Real Estate Research Center. That average climbed each quarter: $4,116/acre average in Q1 of 2022.
Perhaps there's a perfect property that comes up for sale and you don't want to lose it, so buying the land now and building later makes sense. From a financial perspective, it may be much more feasible to split up the investments and have time to rebuild your savings before being ready to build.
The land is always a profitable investment as you can make money off it quickly. You can either sell your land, use it to grow crops, use the land as boat storage, or lease it out. The highest and best use of land is an imperative factor that determines the value of your land.
2023 is a balanced year for housing supply and demand. This is ideal for retail purchasers and rental property investors. No longer a “seller's” market. Rising interest rates raise the monthly mortgage payment, which reduces homebuyers and lowers property values.
The poll of 29 analysts, conducted between Feb. 15 and March 2, forecast average home prices based on the Case/Shiller index, which rose around 6% last year, were forecast to decline 4.5% in 2023, followed by no increase in 2024. That is slightly less than the 5.6% fall predicted three months ago.
BENGALURU, May 31 (Reuters) - U.S. home prices will decline less than previously expected this year before stagnating in 2024, despite widespread expectations interest rates will remain higher for longer, according to property analysts polled by Reuters.
With mortgage rates declining faster than expected, home prices are likely to remain mostly flat throughout 2024. This will be good news for buyers who have been waiting on the sidelines for a good time to enter the market.
Oklahoma. Oklahoma currently sits at the lowest cost per acre among the best states for farmland in the US, so this is another state to consider when looking to buy land for agricultural purposes.
If you want to find free land, then the top states that offer free land include Kansas, Minnesota, and Nebraska. Some restrictions typically apply, such as building a home within a certain time frame or using the land for agricultural purposes.
Land can be expensive to trade into and out of. There's real estate agent commissions, surveys, title insurance premiums, transaction taxes, etc. and all of these costs (those that you pay when you buy land and those that you pay when you sell it) reduce your profit.
Colder months are the best time to buy a piece of land, which holds for both developed and raw land. With the holiday season and hunting, plus winter, there's less competition as properties listed have been on sale for months since the spring boom.
In general, you'll likely find it cheaper overall to buy an existing home, but that also depends on the market. A home loan is less risky than a land loan, and typically comes with a lower down payment and better interest rate.
The 27 matching properties for sale in Wyoming have an average listing price of $63,733 and price per acre of $1,924. For more nearby real estate, explore land for sale in Wyoming.
Wyoming has the lowest average cost of living among all of the Rocky Mountain states, beating out neighbors like Utah, Colorado, Idaho, and Montana. It also ranks among the top 20 most affordable states in the nation, according to MERIC data collected in 2022.
With thousands of properties and rural land for sale in the state, these land listings account for a total of 947,708 acres of land for sale in Montana. The average price of Montana land parcels and rural property for sale is $1 million.
The state with the highest percentage of land held by the federal government is Nevada (80.1%); the states with the lowest percentage of land held by the federal government are Connecticut and Iowa (0.3%).
The largest unclaimed territory on Earth is in Antarctica. Marie Byrd Land, a 620,000-square-mile collection of glaciers and rock formations, lies in the western portion of the southernmost continent. Because of its remoteness, no nation has ever claimed it.
If you own real property tied to land or a home, then you'll owe property taxes to the county or local tax authority. The amount owed is based on the assessed value of your home.
The nation's largest private landowners are the Emmerson family in California who own over 2.4 million acres. The bulk of that land is dedicated to timber in Northern California. But the most headline-worthy transaction of 2022 was the Four Sixes Ranch in Texas.
Arizona. A desert climate will be a challenge, but not an impossibility, for growing your own crops and farming the land. It's one of the cheapest (if not the cheapest) of all 50 states to buy land in, but you'll need to check whether the specific location you might have in mind actually allows for homestead building.
In a study of USDA reports, Pew found the foreign country that owns the most U.S. land is not China or Russia, but rather, our neighbors north: Canada. Investors from the Great White North, according to the USDA, own about 12.8 million acres of U.S. land, most of it forest land.
Overall, it's cheaper to build a home than to buy one in California, with 13 out of the 20 counties saving you money if you decide to build your house from scratch. Budget-wise, building is more favorable in Southern California whereas Central California caters best to those interested in buying.
In 2023, experts predict the median sale price growth to drop by roughly 4%, the first annual drop since 2012. Currently, the sale-to-list price ratio is at 97.8%, with a decline of 4.6 pt YoY as of April 2023.
It is recognized as the agricultural powerhouse of the United States. California's crops account for around 73% of the state's agricultural revenue, with livestock commodities accounting for the remaining 27%, allowing it to surpass all other states in terms of farm income.
All of the data below comes from the Census Bureau's 2021 1-year American Community Survey (ACS) Estimates. Hawaii has the lowest property tax rate in the U.S. at 0.27%. The Aloha state has a home median value of $722,500.
In 2020, the average American contributed 8.9% percent of their income in state taxes. Alaska had the lowest average overall tax burden – measured as total individual taxes paid divided by total personal income – at 5.4%, followed by Tennessee (6.3%), New Hampshire (6.4%), Wyoming (6.6%) and Florida (6.7%).
Texas. Texas tops the list of states offering cheap farmland. With its lengthy hot seasons and mild winters, the Lone Star State is especially ideal for growing cotton. The state is also a big beef cattle producer, so the price per acre may be lower due to the high demand for grazing land.
Colder months are the best time to buy a piece of land, which holds for both developed and raw land. With the holiday season and hunting, plus winter, there's less competition as properties listed have been on sale for months since the spring boom.
The average price per acre of rural land in Texas was more than $4,000 per acre in 2022, according to the Texas Real Estate Research Center. That average climbed each quarter: $4,116/acre average in Q1 of 2022. $4,297/acre average in Q2.
One of the best strategies is to pay cash, because lenders consider vacant land a riskier investment than a house that's already built, and charge more to finance it as a result. If you plan to pay in cash, you'll want to budget for both the land and additional expenses like property taxes and utility installation.
Mollisols found in the Midwestern U.S. are the best for agriculture due to the grasslands that were present thousands of years ago. These prairies produced strong and fertile soils because after each year, the grasses would breakdown and contribute nutrients to the ground.
The top best states to start a farm or ranch in the US are Montana, Kansas, North Dakota, Texas, Oklahoma, South Dakota, Iowa, Kentucky, Colorado and Wyoming.
There is plenty of publically-held land owned by the federal government or states. However, there is no land in the US that does not have a designated owner.
The best state to live off-grid for those seeking warm and temperate climates is Hawaii. While the Aloha state does get its fair share of rainfall, there are no rain harvesting restrictions, so you won't be short of water.
Introduction: My name is Nathanael Baumbach, I am a fantastic, nice, victorious, brave, healthy, cute, glorious person who loves writing and wants to share my knowledge and understanding with you.
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