Placing an accurate dollar value on America’s land — from natural features such as rivers and mountains to developed lands that include farms and skyscrapers — is virtually impossible.
Some experts, though, have attempted to arrive at a rough approximation. Based on the work of economist William D. Larson, the total value of the 1.9 billion acres in the contiguous 48 states is nearly $23 trillion — or about $12,000 an acre on average. The federal government’s stake in this land, nearly one-quarter of the acreage, is worth $1.8 trillion.
While an acre of land is valued at less than $2,000 in the least valuable state, an acre goes for more than 100 times that 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 Larson’s 2015 study, “New Estimates of Value of Land of the United States.”
Nearly half of the land in the contiguous United States is used for agriculture — the largest or one of the largest industries in several states. With three-quarters or more of the acreage in eight states used for agriculture, farming is concentrated in some states a great deal more than others.
Whether an acre of land is part of a sprawling farm or a dense metro area, its value is mostly determined by its use. Developed land, defined as area covered by roads and buildings, accounts for only 6% of the acreage in the contiguous 48 states, yet it holds more than half of the total value. Developed tracts in many cases house some of the nation’s largest economic engines — and many people live inside dense urban areas where demand for real estate is high. Many of the most valuable states are home to some of America’s richest cities.
Click here to read about the most and least valuable states.
Click here to read about our methodology.
Source: aoldman / Getty Images
48. Wyoming
> Value per acre: $1,558
> Total value: $97 billion (4th lowest)
> GDP per capita: $61,091 (6th highest)
> Median home value: $214,300 (20th highest)
See all stories featuring: Wyoming
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Source: John Fowler from Placitas, NM, USA / Wikimedia Commons
47. New Mexico
> Value per acre: $1,931
> Total value: $150 billion (11th lowest)
> GDP per capita: $41,619 (12th lowest)
> Median home value: $171,300 (19th lowest)
See all stories featuring: New Mexico
Source: gsalermo / Getty Images
46. Nevada
> Value per acre: $2,116
> Total value: $149 billion (10th lowest)
> GDP per capita: $44,812 (19th lowest)
> Median home value: $258,200 (13th highest)
See all stories featuring: Nevada
Source: Public Domain / Wikimedia Commons
45. South Dakota
> Value per acre: $2,135
> Total value: $103 billion (5th lowest)
> GDP per capita: $48,004 (24th highest)
> Median home value: $167,600 (17th lowest)
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Source: HaizhanZheng / Getty Images
44. Montana
> Value per acre: $2,283
> Total value: $213 billion (16th lowest)
> GDP per capita: $39,833 (10th lowest)
> Median home value: $231,300 (16th highest)
See all stories featuring: Montana
Source: Christopher Cagney / Getty Images
43. North Dakota
> Value per acre: $2,517
> Total value: $110 billion (6th lowest)
> GDP per capita: $64,911 (3rd highest)
> Median home value: $194,700 (24th highest)
See all stories featuring: North Dakota
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Source: chapin31 / Getty Images
42. Nebraska
> Value per acre: $2,936
> Total value: $144 billion (9th lowest)
> GDP per capita: $54,654 (13th highest)
> Median home value: $155,800 (12th lowest)
See all stories featuring: Nebraska
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Source: Ron_Thomas / Getty Images
41. Idaho
> Value per acre: $3,435
> Total value: $182 billion (14th lowest)
> GDP per capita: $36,441 (2nd lowest)
> Median home value: $207,100 (22nd highest)
See all stories featuring: Idaho
Source: ricardoreitmeyer / Getty Images
40. Kansas
> Value per acre: $4,220
> Total value: $220 billion (17th lowest)
> GDP per capita: $47,435 (24th lowest)
> Median home value: $150,600 (10th lowest)
See all stories featuring: Kansas
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Source: FilippoBacci / Getty Images
39. Arizona
> Value per acre: $4,328
> Total value: $315 billion (21st lowest)
> GDP per capita: $39,583 (9th lowest)
> Median home value: $223,400 (19th highest)
See all stories featuring: Arizona
Source: johnnya123 / Getty Images
38. Utah
> Value per acre: $4,664
> Total value: $247 billion (20th lowest)
> GDP per capita: $45,493 (21st lowest)
> Median home value: $275,100 (9th highest)
See all stories featuring: Utah
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Source: Nlsanfor / Wikimedia Commons
37. Mississippi
> Value per acre: $5,565
> Total value: $166 billion (13th lowest)
> GDP per capita: $32,447 (the lowest)
> Median home value: $120,200 (2nd lowest)
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Source: EJ-J / Getty Images
36. Maine
> Value per acre: $6,142
> Total value: $122 billion (8th lowest)
> GDP per capita: $39,521 (8th lowest)
> Median home value: $191,200 (24th lowest)
See all stories featuring: Maine
Source: Gary Gray / Getty Images
35. Colorado
> Value per acre: $6,462
> Total value: $429 billion (16th highest)
> GDP per capita: $54,026 (14th highest)
> Median home value: $348,900 (3rd highest)
See all stories featuring: Colorado
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Source: Gary Halvorson, Oregon State Archives / Wikimedia Commons
34. Oregon
> Value per acre: $6,503
> Total value: $400 billion (20th highest)
> GDP per capita: $51,312 (20th highest)
> Median home value: $319,200 (6th highest)
See all stories featuring: Oregon
Source: LarryLindell / Getty Images
33. Iowa
> Value per acre: $6,590
> Total value: $235 billion (19th lowest)
> GDP per capita: $52,284 (17th highest)
> Median home value: $149,100 (9th lowest)
See all stories featuring: Iowa
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Source: ABDESIGN / Getty Images
32. Arkansas
> Value per acre: $6,739
> Total value: $224 billion (18th lowest)
> GDP per capita: $36,714 (3rd lowest)
> Median home value: $128,500 (3rd lowest)
See all stories featuring: Arkansas
Source: alexeys / Getty Images
31. Kentucky
> Value per acre: $7,209
> Total value: $183 billion (15th lowest)
> GDP per capita: $39,277 (7th lowest)
> Median home value: $141,000 (5th lowest)
See all stories featuring: Kentucky
Source: christopher friese / Wikimedia Commons
30. Missouri
> Value per acre: $7,233
> Total value: $318 billion (22nd lowest)
> GDP per capita: $43,036 (13th lowest)
> Median home value: $156,700 (13th lowest)
See all stories featuring: Missouri
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Source: jonathan c. wheeler / Wikimedia Commons
29. Oklahoma
> Value per acre: $7,364
> Total value: $323 billion (23rd lowest)
> GDP per capita: $44,535 (17th lowest)
> Median home value: $137,400 (4th lowest)
See all stories featuring: Oklahoma
Source: Sean Pavone / Getty Images
28. Vermont
> Value per acre: $7,439
> Total value: $44 billion (the lowest)
> GDP per capita: $44,831 (20th lowest)
> Median home value: $226,300 (17th highest)
See all stories featuring: Vermont
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Source: kanonsky / Getty Images
27. Texas
> Value per acre: $7,542
> Total value: $1.3 trillion (2nd highest)
> GDP per capita: $53,737 (15th highest)
> Median home value: $172,200 (20th lowest)
See all stories featuring: Texas
Source: Public Domain / Wikimedia Commons
26. Minnesota
> Value per acre: $8,191
> Total value: $416 billion (17th highest)
> GDP per capita: $54,805 (12th highest)
> Median home value: $224,000 (18th highest)
See all stories featuring: Minnesota
Source: Yinan Chen / Wikimedia Commons
25. Wisconsin
> Value per acre: $9,924
> Total value: $344 billion (24th highest)
> GDP per capita: $48,666 (21st highest)
> Median home value: $178,900 (22nd lowest)
See all stories featuring: Wisconsin
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Source: Ron_Thomas / Getty Images
24. West Virginia
> Value per acre: $10,537
> Total value: $162 billion (12th lowest)
> GDP per capita: $37,353 (4th lowest)
> Median home value: $119,800 (the lowest)
See all stories featuring: West Virginia
Source: Chris Wilson / Getty Images
23. Alabama
> Value per acre: $12,356
> Total value: $400 billion (19th highest)
> GDP per capita: $37,508 (5th lowest)
> Median home value: $141,300 (7th lowest)
See all stories featuring: Alabama
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Source: nolamissesyou / Getty Images
22. Louisiana
> Value per acre: $12,908
> Total value: $354 billion (23rd highest)
> GDP per capita: $44,372 (16th lowest)
> Median home value: $162,500 (15th lowest)
See all stories featuring: Louisiana
Source: RobHainer / Getty Images
21. Georgia
> Value per acre: $14,242
> Total value: $528 billion (12th highest)
> GDP per capita: $45,925 (22nd lowest)
> Median home value: $173,700 (21st lowest)
See all stories featuring: Georgia
Source: Jacqueline Nix / Getty Images
20. Tennessee
> Value per acre: $14,411
> Total value: $380 billion (22nd highest)
> GDP per capita: $44,348 (15th lowest)
> Median home value: $167,500 (16th lowest)
See all stories featuring: Tennessee
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Source: kevron2001 / Getty Images
19. North Carolina
> Value per acre: $16,230
> Total value: $506 billion (14th highest)
> GDP per capita: $44,706 (18th lowest)
> Median home value: $171,200 (18th lowest)
See all stories featuring: North Carolina
Source: RomanKhomlyak / Getty Images
18. Washington
> Value per acre: $16,752
> Total value: $716 billion (10th highest)
> GDP per capita: $59,333 (8th highest)
> Median home value: $339,000 (4th highest)
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Source: Kenneth_Keifer / Getty Images
17. Indiana
> Value per acre: $16,903
> Total value: $387 billion (21st highest)
> GDP per capita: $46,427 (23rd lowest)
> Median home value: $141,100 (6th lowest)
See all stories featuring: Indiana
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Source: ehrlif / Getty Images
16. South Carolina
> Value per acre: $17,610
> Total value: $339 billion (24th lowest)
> GDP per capita: $37,637 (6th lowest)
> Median home value: $161,800 (14th lowest)
See all stories featuring: South Carolina
Source: DenisTangneyJr / Getty Images
15. New Hampshire
> Value per acre: $19,840
> Total value: $114 billion (7th lowest)
> GDP per capita: $52,509 (16th highest)
> Median home value: $263,600 (12th highest)
See all stories featuring: New Hampshire
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Source: ablokhin / Getty Images
14. Virginia
> Value per acre: $21,921
> Total value: $555 billion (11th highest)
> GDP per capita: $52,124 (18th highest)
> Median home value: $273,400 (10th highest)
See all stories featuring: Virginia
Source: vxla / Flickr
13. Illinois
> Value per acre: $23,492
> Total value: $833 billion (9th highest)
> GDP per capita: $55,102 (11th highest)
> Median home value: $195,300 (23rd highest)
See all stories featuring: Illinois
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Source: Yinan Chen / Wikimedia Commons
12. Michigan
> Value per acre: $23,765
> Total value: $865 billion (7th highest)
> GDP per capita: $44,201 (14th lowest)
> Median home value: $155,700 (11th lowest)
See all stories featuring: Michigan
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Source: Ebyabe / Wikimedia Commons
11. Florida
> Value per acre: $28,961
> Total value: $1.0 trillion (4th highest)
> GDP per capita: $39,842 (11th lowest)
> Median home value: $214,000 (21st highest)
See all stories featuring: Florida
Source: Jakec / Wikimedia Commons
10. Pennsylvania
> Value per acre: $31,923
> Total value: $914 billion (6th highest)
> GDP per capita: $51,841 (19th highest)
> Median home value: $181,200 (23rd lowest)
See all stories featuring: Pennsylvania
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Source: JackieNix / Getty Images
9. Ohio
> Value per acre: $32,077
> Total value: $838 billion (8th highest)
> GDP per capita: $48,188 (23rd highest)
> Median home value: $144,200 (8th lowest)
See all stories featuring: Ohio
Source: sheila_sund / Flickr
8. California
> Value per acre: $39,092
> Total value: $3.9 trillion (the highest)
> GDP per capita: $60,359 (7th highest)
> Median home value: $509,400 (the highest)
See all stories featuring: California
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Source: kenlund / Flickr
7. New York
> Value per acre: $41,314
> Total value: $1.2 trillion (3rd highest)
> GDP per capita: $65,220 (2nd highest)
> Median home value: $314,500 (7th highest)
See all stories featuring: New York
Source: Public Domain / Wikimedia Commons
6. Delaware
> Value per acre: $57,692
> Total value: $72 billion (2nd lowest)
> GDP per capita: $63,955 (4th highest)
> Median home value: $252,800 (15th highest)
See all stories featuring: Delaware
Source: 82955120@N05 / Flickr
5. Maryland
> Value per acre: $75,429
> Total value: $470 billion (15th highest)
> GDP per capita: $56,375 (10th highest)
> Median home value: $312,500 (8th highest)
See all stories featuring: Maryland
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Source: DenisTangneyJr / Getty Images
4. Massachusetts
> Value per acre: $102,214
> Total value: $517 billion (13th highest)
> GDP per capita: $66,500 (the highest)
> Median home value: $385,400 (2nd highest)
See all stories featuring: Massachusetts
Source: Pedro Xing / Wikimedia Commons
3. Connecticut
> Value per acre: $128,824
> Total value: $400 billion (18th highest)
> GDP per capita: $62,633 (5th highest)
> Median home value: $273,100 (11th highest)
See all stories featuring: Connecticut
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Source: Joshua McDonough / Getty Images
2. Rhode Island
> Value per acre: $133,730
> Total value: $90 billion (3rd lowest)
> GDP per capita: $48,314 (22nd highest)
> Median home value: $257,800 (14th highest)
See all stories featuring: Rhode Island
Source: Ultima_Gaina / Getty Images
1. New Jersey
> Value per acre: $196,410
> Total value: $930 billion (5th highest)
> GDP per capita: $56,776 (9th highest)
> Median home value: $334,900 (5th highest)
See all stories featuring: New Jersey
Methodology
To identify the most (and least) valuable states, 24/7 Wall St. reviewed the estimated average land value for each state from an April 2015 working paper by William Larson for the Bureau of Economic Analysis. To generate a comprehensive valuation of the 48 contiguous states, Larson’s study, “New Estimates of Value of Land of the United States,” presented a range of land value models for estimating land prices in 2009. The GDP-per-capita figures came from the Bureau of Economic Analysis and are for 2017. The U.S. Census Bureau’s 2017 American Consumer Survey 1-Year Estimates served as the source for the median home value data and figures are for 2017.
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