Here's How Much an Acre of Land is Worth in Each of the Contiguous 48 States in the US

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....

Land Value

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.

South Carolina 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

New Jersey 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

Here's how much an acre of land is worth in each of contiguous 48 states in the US

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

Here's how much an acre of land is worth in each of contiguous 48 states in the US

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

Here's how much an acre of land is worth in each of contiguous 48 states in the US

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

Here's how much an acre of land is worth in each of contiguous 48 states in the US

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

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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

Here's how much an acre of land is worth in each of contiguous 48 states in the US

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

Here's how much an acre of land is worth in each of contiguous 48 states in the US

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

Here's how much an acre of land is worth in each of contiguous 48 states in the US

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

Here's how much an acre of land is worth in each of contiguous 48 states in the US

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:

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