LoopNet.com: #1 in Commercial Real Estate for Sale & Lease Fundamentals Explained

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Homeownership is a foundation of the American Dream. Nevertheless since 2020, the United States had a supply shortage of 3. 8 million homes making own a home merely out of reach for many. This house shortage, integrated with low interest rates and employees having more flexibility in housing area, has actually led to a boom in house building.

However, similar to house prices vary by state, so too does the price of land. We analyzed the data to find the states with the most (and least) budget friendly land by acre. The results? Some states have land costly enough to purchase a simple starter in other parts of the nation.

The 8-Second Trick For Cheap Land for Sale in Texas - ZeroDown

Tiny, densely packed New Jersey will set purchasers back the most at a sky-high $196,410. Where should purchasers look for more budget-friendly land? They need to go west (but not too far west.) In reality, the overlap between states with more cows than people and states with the most inexpensive land is strong.

HOW WE DETERMINED THIS This one was relatively easy. To learn how much an acre of land costs in each state, we examined the estimated typical land value for each state from an April 2015 working paper by William Larson for the Bureau of Economic Analysis, New Estimates of Worth of Land of the United States." In Full Article provides a series of land worth models for estimating land rates in 2009.

It takes a look at both industrial and property values. Sadly, Alabama, Alaska, and Hawaii were left out from this study. Don't Get Too Excited While the low sticker price may have you all set to develop your own Mc, Estate, do not get too ecstatic simply yet. For one thing, these are average prices.