Placing a value on America's vast land is a challenging task. From natural features to developed areas, the diverse landscapes and infrastructure make it virtually impossible to determine an exact worth. However, economist William D. Larson has made an attempt to estimate the value. According to his research, the total value of the 1.9 billion acres in the contiguous 48 states is nearly $23 trillion, averaging around $12,000 per acre. This land is also a significant asset for the federal government, with its stake worth $1.8 trillion.
The Value of Land Across States
While the value of an acre of land varies across states, there is a stark contrast between the least and most valuable states. The estimated value of land in each of the contiguous 48 states was reviewed using data from Larson's 2015 study, "New Estimates of Value of Land of the United States."
Agricultural Dominance
Nearly half of the land in the contiguous United States is used for agriculture, making it one of the largest industries in several states. Some states, like Wyoming and Montana, have a significant portion of their acreage dedicated to farming. The combined value of farmland and agricultural buildings in the United States exceeds $200 billion.
The Impact of Development
Developed land, which includes roads and buildings, accounts for only 6% of the total acreage in the contiguous 48 states. However, it holds more than half of the overall value. Many of the nation's largest economic engines and densely populated urban areas are located on developed tracts, driving up the demand and value of real estate. It comes as no surprise that some of the most valuable states are home to America's wealthiest cities.
Caption: South Carolina
The Value of Land in Each State
Let's take a closer look at the value of land in each state, starting from the least valuable:
48. Wyoming
- Value per acre: $1,558
- Total value: $97 billion
- GDP per capita: $61,091
- Median home value: $214,300
47. New Mexico
- Value per acre: $1,931
- Total value: $150 billion
- GDP per capita: $41,619
- Median home value: $171,300
46. Nevada
- Value per acre: $2,116
- Total value: $149 billion
- GDP per capita: $44,812
- Median home value: $258,200
45. South Dakota
- Value per acre: $2,135
- Total value: $103 billion
- GDP per capita: $48,004
- Median home value: $167,600
Caption: New Jersey
44. Montana
- Value per acre: $2,283
- Total value: $213 billion
- GDP per capita: $39,833
- Median home value: $231,300
43. North Dakota
- Value per acre: $2,517
- Total value: $110 billion
- GDP per capita: $64,911
- Median home value: $194,700
42. Nebraska
- Value per acre: $2,936
- Total value: $144 billion
- GDP per capita: $54,654
- Median home value: $155,800
41. Idaho
- Value per acre: $3,435
- Total value: $182 billion
- GDP per capita: $36,441
- Median home value: $207,100
40. Kansas
- Value per acre: $4,220
- Total value: $220 billion
- GDP per capita: $47,435
- Median home value: $150,600
39. Arizona
- Value per acre: $4,328
- Total value: $315 billion
- GDP per capita: $39,583
- Median home value: $223,400
38. Utah
- Value per acre: $4,664
- Total value: $247 billion
- GDP per capita: $45,493
- Median home value: $275,100
37. Mississippi
- Value per acre: $5,565
- Total value: $166 billion
- GDP per capita: $32,447
- Median home value: $120,200
36. Maine
- Value per acre: $6,142
- Total value: $122 billion
- GDP per capita: $39,521
- Median home value: $191,200
35. Colorado
- Value per acre: $6,462
- Total value: $429 billion
- GDP per capita: $54,026
- Median home value: $348,900
34. Oregon
- Value per acre: $6,503
- Total value: $400 billion
- GDP per capita: $51,312
- Median home value: $319,200
33. Iowa
- Value per acre: $6,590
- Total value: $235 billion
- GDP per capita: $52,284
- Median home value: $149,100
32. Arkansas
- Value per acre: $6,739
- Total value: $224 billion
- GDP per capita: $36,714
- Median home value: $128,500
31. Kentucky
- Value per acre: $7,209
- Total value: $183 billion
- GDP per capita: $39,277
- Median home value: $141,000
30. Missouri
- Value per acre: $7,233
- Total value: $318 billion
- GDP per capita: $43,036
- Median home value: $156,700
29. Oklahoma
- Value per acre: $7,364
- Total value: $323 billion
- GDP per capita: $44,535
- Median home value: $137,400
28. Vermont
- Value per acre: $7,439
- Total value: $44 billion
- GDP per capita: $44,831
- Median home value: $226,300
27. Texas
- Value per acre: $7,542
- Total value: $1.3 trillion
- GDP per capita: $53,737
- Median home value: $172,200
26. Minnesota
- Value per acre: $8,191
- Total value: $416 billion
- GDP per capita: $54,805
- Median home value: $224,000
25. Wisconsin
- Value per acre: $9,924
- Total value: $344 billion
- GDP per capita: $48,666
- Median home value: $178,900
24. West Virginia
- Value per acre: $10,537
- Total value: $162 billion
- GDP per capita: $37,353
- Median home value: $119,800
$12,356
23. Maryland
- Value per acre: $12,356
- Total value: $400 billion
- GDP per capita: $37,508
- Median home value: $141,300
22. Louisiana
- Value per acre: $12,908
- Total value: $354 billion
- GDP per capita: $44,372
- Median home value: $162,500
21. Georgia
- Value per acre: $14,242
- Total value: $528 billion
- GDP per capita: $45,925
- Median home value: $173,700
20. Tennessee
- Value per acre: $14,411
- Total value: $380 billion
- GDP per capita: $44,348
- Median home value: $167,500
19. North Carolina
- Value per acre: $16,230
- Total value: $506 billion
- GDP per capita: $44,706
- Median home value: $171,200
18. Washington
- Value per acre: $16,752
- Total value: $716 billion
- GDP per capita: $59,333
- Median home value: $339,000
17. Indiana
- Value per acre: $16,903
- Total value: $387 billion
- GDP per capita: $46,427
- Median home value: $141,100
16. South Carolina
- Value per acre: $17,610
- Total value: $339 billion
- GDP per capita: $37,637
- Median home value: $161,800
15. New Hampshire
- Value per acre: $19,840
- Total value: $114 billion
- GDP per capita: $52,509
- Median home value: $263,600
14. Virginia
- Value per acre: $21,921
- Total value: $555 billion
- GDP per capita: $52,124
- Median home value: $273,400
13. Illinois
- Value per acre: $23,492
- Total value: $833 billion
- GDP per capita: $55,102
- Median home value: $195,300
12. Michigan
- Value per acre: $23,765
- Total value: $865 billion
- GDP per capita: $44,201
- Median home value: $155,700
11. Florida
- Value per acre: $28,961
- Total value: $1.0 trillion
- GDP per capita: $39,842
- Median home value: $214,000
10. Pennsylvania
- Value per acre: $31,923
- Total value: $914 billion
- GDP per capita: $51,841
- Median home value: $181,200
9. Ohio
- Value per acre: $32,077
- Total value: $838 billion
- GDP per capita: $48,188
- Median home value: $144,200
8. California
- Value per acre: $39,092
- Total value: $3.9 trillion
- GDP per capita: $60,359
- Median home value: $509,400
7. New York
- Value per acre: $41,314
- Total value: $1.2 trillion
- GDP per capita: $65,220
- Median home value: $314,500
6. Delaware
- Value per acre: $57,692
- Total value: $72 billion
- GDP per capita: $63,955
- Median home value: $252,800
5. Maryland
- Value per acre: $75,429
- Total value: $470 billion
- GDP per capita: $56,375
- Median home value: $312,500
4. Massachusetts
- Value per acre: $102,214
- Total value: $517 billion
- GDP per capita: $66,500
- Median home value: $385,400
3. Connecticut
- Value per acre: $128,824
- Total value: $400 billion
- GDP per capita: $62,633
- Median home value: $273,100
2. Rhode Island
- Value per acre: $133,730
- Total value: $90 billion
- GDP per capita: $48,314
- Median home value: $257,800
1. New Jersey
- Value per acre: $196,410
- Total value: $930 billion
- GDP per capita: $56,776
- Median home value: $334,900
Methodology
The estimated average land value for each state was derived from economist William Larson's 2015 study, "New Estimates of Value of Land of the United States." This study presented various land value models for estimating land prices in 2009. The GDP per capita figures are from the Bureau of Economic Analysis, and the median home value data is based on the 2017 American Consumer Survey 1-Year Estimates by the U.S. Census Bureau.
Please note that the information provided in this article is for informational purposes only and should not be considered financial advice.
Sources:
Poorest cities: These are the poorest cities in every state in the US
