How Much is One Acre of Land Worth?
A lot of people may wonder how much one acre of vacant land is actually worth. Now if it were only that simple. Let’s talk about it! If you are thinking about buying land, it is important to understand the details of how much one acre of land costs. Remember, one acre of land is approximately 43,560 square feet of land in any shape. Even if you are just looking at land for a household, it is beneficial to know how big your lot size is. If you are thinking about buying land for raising livestock or growing food, then it is even more important to understand how much one acre is worth.
The Evolution of the Price of One Acre of Vacant Land
The amount of money that one acre is worth has drastically changed over time. For example, in the early 1800s, one acre of land was offered at $1.25. Now that is quite the steal! Can you imagine if you could purchase one acre of land for that much today? We would certainly be drowning in land! It is crazy to think about! Of course, in the 1800s, $1.25 was still a struggle for some folks. Eventually, the Homestead Act put in place by Abraham Lincoln, made empty land much more affordable. And by much more, we mean A LOT more affordable. After the Homestead Act, if you were able to pay a small fee, then you could potentially own up to 160 acres of land. Oh, how times have changed. In our present time period, some acres are priced up at $97,000 for just a residential one-acre lot. We wish it were as simple as that, but the prices of one acre of undeveloped land can change from thousands to millions pretty quickly based on the type of land and the location you are looking in.
What Factors Can Change the Price of One Acre of Land?
Location, location, location! Yes, we needed to say it three times because it is just that important. You may be able to purchase one acre of vacant land that is in the middle of nowhere for 5,000 times less than you can purchase one acre of vacant land near big city centers. You might be asking, how can the price change so much? We wonder that too. The average cost of one acre of land is around $12,000. That average is based on the lowest price being around $1600 and the highest being around $200,000. Those numbers are extremely different, so it is hard to simplify the cost of one acre of land. Farmland in New Mexico can be only $530 per acre, while one acre in Silicon Valley, California can be higher than $6 million. It all depends on where you are looking and what you are looking for. With that being said, if you are looking for farmland and you do not care about being in the middle of nowhere then you may be able to get a great deal. If you are looking for buildable land in a great area, the prices are going to rise.
The cost of one acre of agricultural land can also depend on the current state of the location you are looking in. This means, as a city grows more popular or desirable to live in, the land will become scarce and the cost will rise. If an area has a downfall economically, then the cost of one acre of land will obviously be much lower.
How much one acre of land is worth can also depend on the type of land you are searching for. The price will go up if you are wanting a body of water near or on the land. Prices also rise when you are looking for a safe area with nearby schools and healthcare. Of course, the price can get steep if you are looking for things like – beautiful views, foliage and a buildable lot.
People will also see that the price of one acre of land depends on environmental factors as well. If you are in a location where there are earthquakes, then you will be looking at lower prices per acre.
Farmland can be much less expensive than buildable land. Buildable land has to have valuable zoning and usually will be in an urban area, which is costly by itself. If you are looking for land to farm on, it is important to research the type of soil and what is good for the type of farming you want to do. Raising livestock on agricultural land has the potential to become pricey just because depending on how many animals you are looking at; you may need a lot of land. Do your research before you start looking, so that you have the right idea and tools for purchasing your land!
The Cheapest Land in the United States
Here are some examples of the most inexpensive land here in the United States.
- Wyoming: Coming in at the lowest, Wyoming may be the place you should look for your land! The price per acre of vacant land starts at just $1,550. That’s a low price!
- Kansas: If you are looking for a bang for your buck, then you need to look here! Vacant land starting at around $1,800 per acre.
- Nevada: Vacant land in Nevada may be a good option. The cost of one-acre averages at about $2,110.
- South Dakota: This location could be great for an avid hunter, but not so much for a home builder. The average price in South Dakota starts around $2,140.
- Montana: Coming in at number five for cheap land is the beautiful Montana, starting at $2,280.
The Most Expensive Land in the Unites States
Just for fun, let’s look at the highest priced land per acre in the United States. You may not be surprised that California takes up the majority of these.
- Brooklyn, NY: We cannot even believe our eyes with this one. The cost of one acre for a residential area in Brooklyn is a whopping $31 million!
- San Francisco, CA: We are not very surprised by this one. The average price per acre here starts at $26 million.
- Newport Beach, CA: Coming in very close to San Francisco, the average price in Newport Beach is $23 million per acre.
- Palo Alto, CA: Starting at $21 million per acre.
- Manhattan Beach, CA: last, but certainly not least. Starting at $19 million per acre of land.
The truth of the matter is that there is no simple answer to the question of how much one acre of land is worth. There are so many variables that go into it, so it truly depends on where you are looking and what you are looking to do with your undeveloped land.
At Discount Lots, we hope that we can help you find the best land at the best price. Whether you are looking to do some farming or if you are thinking about building, we are here to serve you!
Looking for Vacant Land?
Discount Lots has affordable land for sale across the country.
SEARCH FOR LAND
Ready to find a piece of land to call your own? Use our interactive map to search available properties!