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As you can imagine, land is an outstanding resource. Nothing can be done to produce more land, and what we have available is being bought up swiftly.
If you are looking to buy a slice of the green stuff yourself, you will need to save up for the initial investment. There are loans out there used for land purchases, but in most cases, cash is king. You should know how much you need to have saved up to buy land.
How Large Is One Acre Of Land?
Owning 1 acre of land is a great goal to have initially. Depending on location, this can usually be accomplished with a minimal investment.
One acre is 43,560 square feet. An acre can be measured in any shape, from rectangles to circles, or even hexagons.
For easy example purposes:
- A football field is 1.32 acres
- 15.51 tennis courts can fit in one acre
- An average horse farm is 8 acres
- There are 640 acres in 1 square-mile
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How Much Will You Pay For One Acre Of Land?
In 2021, the average cost of one acre of vacant land was $12,000.
Land is more affordable in some states than others.
Consider these price tags for one acre of vacant land, which represent some lower range costs:
- Massachusetts $1,022
- Connecticut $1,280
- Wyoming $1,558
- New Mexico $1,931
- New Jersey $1,964
- Nevada $2,116
- South Dakota $2,135
- Montana $2,283
If you are looking to buy some of the cheapest land available in America, go no further than Massachusetts.
Here are the areas with the most expensive prices for 1 acre of land:
- Brooklyn, NY $31 million
- San Francisco, CA $26 million
- Newport Beach, CA $23 million
- Palo Alto, CA $21 million
- Manhattan Beach, CA $19 million
How much an acre of land costs varies a lot by location, economic influences and aesthetic appeal.
For example, an acre plot of land near the ocean or near a major metropolitan center is worth more than vacant land out in the middle of nowhere. Also in higher price ranges are acres near tourist attractions or coastal regions.
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Finding vacant land can be done the same way developed land is listed by realtors. You can also look at real estate listings on websites.
Once you find an acre that fits your price limit, ask yourself these questions:
- How is the property zoned? This could be for commercial, residential or business purposes.
- What are the requirements for building? You will need to follow stringent local laws for sidewalks, exterior lighting, length of driveways and curb cuts, to name a few. You also need to make sure the land is big enough to build on if that is part of your future plans.
- Are there available utilities to the property? These include things like water, sewer and natural gas. Without these necessities, you may be hit with considerable other costs. If there isn’t a sewer hook-up, you might need to build a septic system. If there isn’t a municipal or private water source that reaches to the property, you may have drilling a well to deal with. No power lines could be a bad sign too. You cannot assume they will run power to you for free.
Before you begin shopping for an acre of vacant land, make sure you know how you plan to use it. If you hope to build a home or business, check the zoning restrictions right away.
Maybe you stumble across a bargain, only to find that it is a non-buildable lot. Or, you find the dream plot of land that just so happens to be 1 mile from the nearest power line. You would need to consider all of these things before making an investment in land.