Placing an exact dollar value on land, from rivers and mountains to farm lands and dense urban centers, is virtually impossible. Some, though, have attempted to come up with a rough approximation. Based on the work of one economist, the total value of the 1.9 billion acres of land in the contiguous 48 states is nearly $23 trillion — roughly $12,000 an acre on average. The federal government owns nearly one-quarter of this land at a total value of $1.8 trillion.
Whether it is farmland or a sprawling metro area, the value of an acre of land is mostly determined by its use. Developed land accounts for only 6% of the land in the contiguous United States yet holds over half of the value. These places are often home to some of the nation’s largest economic engines — urban regions with high demand for real estate.
By contrast, nearly half of the land in the 48 states is used for agriculture. However, because the value of developed land dwarfs that of other uses, California alone is worth double the value of all U.S. farmland combined.
While an average acre of land could be purchased for under $2,000 in the least valuable state, an acre is more than 100 times more expensive in the most valuable state. 24/7 Wall St. reviewed the estimated value of land in each of the contiguous 48 states using data from the 2015 study, “New Estimates of Value of Land of the United States.”
Click here to see the most and least valuable states.
Click here to see the methodology.
These are the most and least valuable states.
48. Wyoming
> Value per acre: $1,558
> Total value: $97 billion (6th lowest)
> Total acres: 62.3 million (8th most)
> GDP per capita: $37,858 (4th lowest)
> Median home value: $212,500 (17th highest)
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47. New Mexico
> Value per acre: $1,931
> Total value: $150 billion (13th lowest)
> Total acres: 77.7 million (4th most)
> GDP per capita: $93,297 (14th lowest)
> Median home value: $164,100 (23rd lowest)
46. Nevada
> Value per acre: $2,116
> Total value: $149 billion (12th lowest)
> Total acres: 70.4 million (6th most)
> GDP per capita: $147,475 (18th lowest)
> Median home value: $221,400 (16th highest)
45. South Dakota
> Value per acre: $2,135
> Total value: $103 billion (7th lowest)
> Total acres: 48.2 million (15th most)
> GDP per capita: $48,139 (6th lowest)
> Median home value: $152,800 (19th lowest)
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44. Montana
> Value per acre: $2,283
> Total value: $213 billion (18th lowest)
> Total acres: 93.3 million (3rd most)
> GDP per capita: $45,994 (5th lowest)
> Median home value: $209,500 (18th highest)
43. North Dakota
> Value per acre: $2,517
> Total value: $110 billion (8th lowest)
> Total acres: 43.7 million (18th most)
> GDP per capita: $52,089 (7th lowest)
> Median home value: $180,900 (21st highest)
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42. Nebraska
> Value per acre: $2,936
> Total value: $144 billion (11th lowest)
> Total acres: 49.1 million (14th most)
> GDP per capita: $115,345 (16th lowest)
> Median home value: $141,600 (14th lowest)
41. Idaho
> Value per acre: $3,435
> Total value: $182 billion (16th lowest)
> Total acres: 53.0 million (10th most)
> GDP per capita: $67,275 (10th lowest)
> Median home value: $176,300 (25th highest)
40. Kansas
> Value per acre: $4,220
> Total value: $220 billion (19th lowest)
> Total acres: 52.1 million (12th most)
> GDP per capita: $153,258 (19th lowest)
> Median home value: $141,200 (13th lowest)
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39. Arizona
> Value per acre: $4,328
> Total value: $315 billion (23rd lowest)
> Total acres: 72.8 million (5th most)
> GDP per capita: $302,952 (21st highest)
> Median home value: $194,300 (20th highest)
38. Utah
> Value per acre: $4,664
> Total value: $247 billion (22nd lowest)
> Total acres: 53.0 million (11th most)
> GDP per capita: $156,352 (20th lowest)
> Median home value: $234,600 (14th highest)
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37. Mississippi
> Value per acre: $5,565
> Total value: $166 billion (15th lowest)
> Total acres: 29.8 million (21st least)
> GDP per capita: $107,680 (15th lowest)
> Median home value: $112,700 (4th lowest)
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36. Maine
> Value per acre: $6,142
> Total value: $122 billion (10th lowest)
> Total acres: 19.9 million (13th least)
> GDP per capita: $59,275 (9th lowest)
> Median home value: $180,300 (tied-22nd highest)
35. Colorado
> Value per acre: $6,462
> Total value: $429 billion (16th highest)
> Total acres: 66.4 million (7th most)
> GDP per capita: $323,692 (19th highest)
> Median home value: $283,800 (7th highest)
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34. Oregon
> Value per acre: $6,503
> Total value: $400 billion (tied-18th highest)
> Total acres: 61.5 million (9th most)
> GDP per capita: $226,821 (25th highest)
> Median home value: $264,100 (9th highest)
33. Iowa
> Value per acre: $6,590
> Total value: $235 billion (21st lowest)
> Total acres: 35.7 million (22nd most)
> GDP per capita: $178,766 (21st lowest)
> Median home value: $136,100 (10th lowest)
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32. Arkansas
> Value per acre: $6,739
> Total value: $224 billion (20th lowest)
> Total acres: 33.2 million (25th least)
> GDP per capita: $120,689 (17th lowest)
> Median home value: $120,700 (5th lowest)
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31. Kentucky
> Value per acre: $7,209
> Total value: $183 billion (17th lowest)
> Total acres: 25.4 million (16th least)
> GDP per capita: $197,043 (23rd lowest)
> Median home value: $130,000 (7th lowest)
30. Missouri
> Value per acre: $7,233
> Total value: $318 billion (24th lowest)
> Total acres: 44.0 million (16th most)
> GDP per capita: $300,891 (22nd highest)
> Median home value: $147,800 (15th lowest)
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29. Oklahoma
> Value per acre: $7,364
> Total value: $323 billion (25th lowest)
> Total acres: 43.9 million (17th most)
> GDP per capita: $182,937 (22nd lowest)
> Median home value: $126,800 (6th lowest)
28. Vermont
> Value per acre: $7,439
> Total value: $44 billion (3rd lowest)
> Total acres: 5.9 million (9th least)
> GDP per capita: $31,092 (3rd lowest)
> Median home value: $223,700 (15th highest)
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27. Texas
> Value per acre: $7,542
> Total value: $1,266 billion (2nd highest)
> Total acres: 167.9 million (the most)
> GDP per capita: $1,616,801 (2nd highest)
> Median home value: $152,000 (18th lowest)
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26. Minnesota
> Value per acre: $8,191
> Total value: $416 billion (17th highest)
> Total acres: 50.8 million (13th most)
> GDP per capita: $335,147 (17th highest)
> Median home value: $200,000 (19th highest)
25. Wisconsin
> Value per acre: $9,924
> Total value: $344 billion (24th highest)
> Total acres: 34.7 million (25th most)
> GDP per capita: $309,536 (20th highest)
> Median home value: $168,300 (24th lowest)
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24. West Virginia
> Value per acre: $10,537
> Total value: $162 billion (14th lowest)
> Total acres: 15.4 million (11th least)
> GDP per capita: $73,374 (12th lowest)
> Median home value: $112,100 (3rd lowest)
23. Alabama
> Value per acre: $12,356
> Total value: $400 billion (tied-18th highest)
> Total acres: 32.4 million (24th least)
> GDP per capita: $204,861 (24th lowest)
> Median home value: $134,100 (9th lowest)
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22. Louisiana
> Value per acre: $12,908
> Total value: $354 billion (23rd highest)
> Total acres: 27.4 million (19th least)
> GDP per capita: $235,109 (24th highest)
> Median home value: $155,600 (20th lowest)
21. Georgia
> Value per acre: $14,242
> Total value: $528 billion (12th highest)
> Total acres: 37.1 million (20th most)
> GDP per capita: $525,360 (9th highest)
> Median home value: $159,300 (21st lowest)
20. Tennessee
> Value per acre: $14,411
> Total value: $380 billion (22nd highest)
> Total acres: 26.4 million (18th least)
> GDP per capita: $328,770 (18th highest)
> Median home value: $150,600 (17th lowest)
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19. North Carolina
> Value per acre: $16,230
> Total value: $506 billion (14th highest)
> Total acres: 31.2 million (23rd least)
> GDP per capita: $517,904 (10th highest)
> Median home value: $160,100 (22nd lowest)
18. Washington
> Value per acre: $16,752
> Total value: $716 billion (10th highest)
> Total acres: 42.7 million (19th most)
> GDP per capita: $469,739 (14th highest)
> Median home value: $284,000 (6th highest)
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17. Indiana
> Value per acre: $16,903
> Total value: $387 billion (21st highest)
> Total acres: 22.9 million (14th least)
> GDP per capita: $341,909 (16th highest)
> Median home value: $131,000 (8th lowest)
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16. South Carolina
> Value per acre: $17,610
> Total value: $339 billion (25th highest)
> Total acres: 19.3 million (12th least)
> GDP per capita: $209,716 (25th lowest)
> Median home value: $148,600 (16th lowest)
15. New Hampshire
> Value per acre: $19,840
> Total value: $114 billion (9th lowest)
> Total acres: 5.7 million (8th least)
> GDP per capita: $77,855 (13th lowest)
> Median home value: $244,500 (11th highest)
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14. Virginia
> Value per acre: $21,921
> Total value: $555 billion (11th highest)
> Total acres: 25.3 million (15th least)
> GDP per capita: $494,349 (12th highest)
> Median home value: $257,800 (10th highest)
13. Illinois
> Value per acre: $23,492
> Total value: $833 billion (9th highest)
> Total acres: 35.5 million (23rd most)
> GDP per capita: $791,608 (5th highest)
> Median home value: $180,300 (tied-22nd highest)
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12. Michigan
> Value per acre: $23,765
> Total value: $865 billion (7th highest)
> Total acres: 36.4 million (21st most)
> GDP per capita: $487,239 (13th highest)
> Median home value: $137,500 (12th lowest)
11. Florida
> Value per acre: $28,961
> Total value: $1,021 billion (4th highest)
> Total acres: 35.3 million (24th most)
> GDP per capita: $926,817 (4th highest)
> Median home value: $179,800 (24th highest)
10. Pennsylvania
> Value per acre: $31,923
> Total value: $914 billion (6th highest)
> Total acres: 28.6 million (20th least)
> GDP per capita: $724,936 (6th highest)
> Median home value: $170,600 (25th lowest)
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9. Ohio
> Value per acre: $32,077
> Total value: $838 billion (8th highest)
> Total acres: 26.1 million (17th least)
> GDP per capita: $625,715 (7th highest)
> Median home value: $136,400 (11th lowest)
8. California
> Value per acre: $39,092
> Total value: $3,905 billion (the highest)
> Total acres: 99.9 million (2nd most)
> GDP per capita: $2,602,672 (the highest)
> Median home value: $449,100 (the highest)
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7. New York
> Value per acre: $41,314
> Total value: $1,245 billion (3rd highest)
> Total acres: 30.1 million (22nd least)
> GDP per capita: $1,487,998 (3rd highest)
> Median home value: $293,500 (5th highest)
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6. Delaware
> Value per acre: $57,692
> Total value: $72 billion (4th lowest)
> Total acres: 1.2 million (4th least)
> GDP per capita: $70,387 (11th lowest)
> Median home value: $240,200 (13th highest)
5. Maryland
> Value per acre: $75,429
> Total value: $470 billion (15th highest)
> Total acres: 6.2 million (10th least)
> GDP per capita: $378,280 (15th highest)
> Median home value: $299,800 (4th highest)
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4. Massachusetts
> Value per acre: $102,214
> Total value: $517 billion (13th highest)
> Total acres: 5.1 million (7th least)
> GDP per capita: $507,913 (11th highest)
> Median home value: $352,100 (2nd highest)
3. Connecticut
> Value per acre: $128,824
> Total value: $400 billion (tied-18th highest)
> Total acres: 3.1 million (5th least)
> GDP per capita: $263,379 (23rd highest)
> Median home value: $270,900 (8th highest)
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2. Rhode Island
> Value per acre: $133,730
> Total value: $90 billion (5th lowest)
> Total acres: 0.7 million (3rd least)
> GDP per capita: $57,433 (8th lowest)
> Median home value: $241,000 (12th highest)
1. New Jersey
> Value per acre: $196,410
> Total value: $930 billion (5th highest)
> Total acres: 4.7 million (6th least)
> GDP per capita: $581,122 (8th highest)
> Median home value: $322,600 (3rd highest)
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