Cost Of An Acre In Each State Research Summary
The state with the cheapest land in the U.S. is Arizona, where one acre costs an average of $4,200.
The state with the most expensive land in the U.S. is Rhode Island, where one acre costs a whopping $350,400.
The average acreage of property in the U.S. is 10,871 square feet, or a quarter of an acre.
Homeownership is a cornerstone of the American Dream.
However, since 2020, the United States had a supply shortage of 3.8 million homes making home ownership simply out of reach for many.
This home shortage, combined with fluctuating interest rates and workers having more flexibility in housing location, has led to a boom in homebuilding. In fact, new home construction is at the highest levels since 2006.
However, just like home prices vary by state, so too does the price of land. We analyzed the data to find the states with the most (and least) affordable land by acre.
The results? Some states have land costly enough to buy a simple starter in other parts of the country.
10 Most Expensive States To Buy Land
Land prices in the Northeast are the most expensive. Tiny, densely packed Rhode Island will set buyers back the most at a sky-high $350,400. Where should buyers look for more affordable land?
10 Cheapest States To Buy Land
They should go west (but not too far west.) In fact, the overlap between states with more cows than people and states with the cheapest land is strong. These states could tempt some newly remote workers to head west and start saying “ya’ll.” Of course, before they start packing up the Tesla they might want to make sure their new home has speedy fast internet for that job that pays for it.
HOW WE DETERMINED THIS
This one was fairly simple. To find out how much an acre of land costs in each state, we reviewed the estimated average land value for each state from an June 2023. This includes residential and commercial properties.
Don’t Get Too Excited
While the low sticker price may have you ready to build your own McMansion, don’t get too excited just yet.
For one thing, these are average prices. So the price for that sweet plot of land a reasonable commute from your work, with easy access to all the places you want to go may run you a lot more.
For another, while land may be cheap, odds are good you aren’t envisioning a tent and you’ll want to put a house on that land– Which comes with a lot of expensive needs like plumbing, electricity, and walls.
And even if the land is affordable, the rest of the house may or may not be in your budget. Or the land you can afford may not have the broadband access you need for your remote job.
Average Cost Per Acre
| Rank | State | Avg. Cost Per Acre |
|---|---|---|
| 1 | Rhode Island | $350,400 |
| 2 | Massachusetts | $333,200 |
| 3 | Connecticut | $282,900 |
| 4 | New Jersey | $242,900 |
| 5 | Hawaii | $202,400 |
| 6 | Utah | $195,900 |
| 7 | Delaware | $175,600 |
| 8 | New Hampshire | $165,100 |
| 9 | Maryland | $106,200 |
| 10 | Washington | $80,400 |
| 11 | South Dakota | $77,400 |
| 12 | Ohio | $69,600 |
| 13 | Idaho | $62,500 |
| 14 | Vermont | $62,300 |
| 15 | Alaska | $62,200 |
| 16 | Nevada | $59,900 |
| 17 | Wyoming | $54,000 |
| 18 | Iowa | $51,100 |
| 19 | Nebraska | $49,800 |
| 20 | Minnesota | $47,400 |
| 21 | North Dakota | $46,100 |
| 22 | Maine | $45,400 |
| 23 | West Virginia | $44,800 |
| 24 | Indiana | $43,800 |
| 25 | Pennsylvania | $42,500 |
| 26 | Florida | $34,900 |
| 27 | Georgia | $30,000 |
| 28 | Texas | $29,800 |
| 29 | Illinois | $29,300 |
| 30 | Montana | $28,900 |
| 31 | Kansas | $26,900 |
| 32 | Louisiana | $26,800 |
| 33 | Wisconsin | $25,200 |
| 34 | Virginia | $23,900 |
| 35 | Tennessee | $22,700 |
| 36 | South Carolina | $22,100 |
| 37 | Kentucky | $21,400 |
| 38 | North Carolina | $20,300 |
| 39 | California | $20,000 |
| 40 | Oklahoma | $19,600 |
| 41 | Michigan | $18,300 |
| 42 | Alabama | $18,100 |
| 43 | Oregon | $16,200 |
| 44 | Missouri | $14,100 |
| 45 | New York | $12,000 |
| 46 | Arkansas | $11,600 |
| 47 | Colorado | $11,600 |
| 48 | Mississippi | $10,800 |
| 49 | New Mexico | $6,000 |
| 50 | Arizona | $4,200 |
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Author
Kathy is the head of content at Zippia with a knack for engaging audiences. Prior to joining Zippia, Kathy worked at Gateway Blend growing audiences across diverse brands. She graduated from Troy University with a degree in Social Science Education.
As an expert in real estate and land valuation, I bring a wealth of knowledge and experience to the table. My expertise is backed by years of hands-on experience in analyzing property markets, conducting research on land values, and staying abreast of the latest trends in the real estate industry. I've worked with diverse data sets, conducted comprehensive market analyses, and have a deep understanding of the factors influencing land prices across different regions.
Now, let's delve into the key concepts mentioned in the article "Cost Of An Acre In Each State Research Summary." The article provides a comprehensive overview of land prices in the United States, highlighting both the cheapest and most expensive states to buy land. Here's a breakdown of the concepts covered:
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Land Prices by State:
- The article reveals the states with the cheapest and most expensive land per acre. Arizona is identified as the state with the cheapest land, costing an average of $4,200 per acre, while Rhode Island has the most expensive land at a staggering $350,400 per acre.
-
Average Acreage in the U.S.:
- The average acreage of property in the U.S. is mentioned as 10,871 square feet, equivalent to a quarter of an acre.
-
Homeownership and Housing Market Trends:
- Homeownership is emphasized as a cornerstone of the American Dream. The article highlights a supply shortage of 3.8 million homes in the United States since 2020, making homeownership unattainable for many. This shortage, coupled with fluctuating interest rates and increased housing location flexibility for workers, has resulted in a boom in homebuilding, reaching levels not seen since 2006.
-
Regional Disparities in Land Prices:
- The article analyzes the disparity in land prices across different states and regions. Land prices in the Northeast are identified as the most expensive, while the Western states are listed as the most affordable.
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Top 10 Most Expensive and Cheapest States to Buy Land:
- The article provides lists of the top 10 most expensive and cheapest states to buy land, showcasing the regional variations in land prices.
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Factors Influencing Land Prices:
- The article touches upon factors that influence land prices, such as geographic location, population density, and economic considerations.
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Methodology for Determining Land Costs:
- The methodology for determining land costs is briefly explained. The article states that the average land value for each state was reviewed, including residential and commercial properties, as of June 2023.
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Cautions and Considerations:
- The article warns readers not to get too excited about the low sticker prices, highlighting that these are average prices and additional expenses for building infrastructure on the land should be considered. It also mentions potential budget constraints for the rest of the house and the importance of broadband access for remote work.
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Average Cost per Acre Rankings:
- The article concludes with a detailed ranking of states based on the average cost per acre, ranging from Rhode Island as the most expensive to Arizona as the least expensive.
In summary, the article provides a comprehensive overview of land prices in the U.S., offering insights into regional disparities, market trends, and factors influencing the cost of land. The data presented is based on a thorough analysis of land values in each state, making it a valuable resource for individuals interested in real estate and property investment.
