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<p><b>The Most (and Least) Valuable States</b></p>
<p><b><a class="moz-txt-link-freetext" href="http://247wallst.com/special-report/2016/06/08/the-most-and-least-valuable-states-2/">http://247wallst.com/special-report/2016/06/08/the-most-and-least-valuable-states-2/</a>
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<p>A recent study estimates that the combined value of all land in
the contiguous United States is worth nearly $23 trillion. The
most valuable state, according to the survey, is California, which
accounted for 17% of the total value of the 48 bordering states.
New Jersey, however, had the most valuable real estate relative to
its size, estimated at $196,400 per acre, or 16 times the average
value per acre across the contiguous U.S.</p>
<p>The study, authored by William Larson, senior economist at the
Federal Housing Finance Agency and previously at the Bureau of
Economic Analysis, estimated the value of different property
types, including agricultural areas, federal land, and developed
suburban and urban areas.</p>
<p>States with generally larger rural areas tended to have a lower
value relative to their size, while more densely populated states
that contain large urban centers had the highest estimated worth
per acre. 24/7 Wall St. reviewed the estimated value of land in
each of 48 states.</p>
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<p><strong> 41. Idaho<br>
> Value of land per acre:</strong> $3,435<br>
<strong>> Total value:</strong> $182 billion (14th lowest)<br>
<strong>> Total acres:</strong> 53.0 million (10th highest)<br>
<strong>> Percent land mass rural:</strong> 99.4% (5th highest)</p>
<p>A majority of Idaho land, 65%, is federally owned, the third
highest percentage nationwide. The U.S. government’s land accounts
for nearly half of Idaho’s overall value, the second highest such
contribution. Like many other states with relatively low land
valuation, less than 2% of Idaho has been developed.</p>
<p><[By way of comparison, here are values for surrounding
states, and the national coastal extremes.]><br>
</p>
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<p><strong>48. Wyoming<br>
> Value of land per acre:</strong> $1,558<br>
<strong>> Total value:</strong> $97 billion (4th lowest)<br>
<strong>> Total acres:</strong> 62.3 million (8th highest)<br>
<strong>> Percent land mass rural:</strong> 99.8% (tied — the
highest)</p>
<p>An average acre in Wyoming is worth just $1,600, less than any
other continental state. Like most low-value states, Wyoming is
one of the largest states in the country. But Wyoming’s 62.3
million acres were worth a total of $97 billion, less than all but
a handful of other states. More than half of Wyoming is federally
owned, and government property accounted for the majority of
Wyoming’s overall value — the only state where this is the case.
Lower population density tends to correlate with lower land value,
and Wyoming has the least dense population in the lower 48 states,
with just 5.8 residents per square mile, compared to a national
population density of 87.4 people per square mile.</p>
<strong><br>
46. Nevada</strong><br>
<strong></strong>
<p><strong>
> Value of land per acre:</strong> $2,116<br>
<strong>> Total value:</strong> $149 billion (10th lowest)<br>
<strong>> Total acres:</strong> 70.4 million (6th highest)<br>
<strong>> Percent land mass rural:</strong> 99.3% (8th highest)</p>
<p>Nearly 87% of Nevada is owned by the U.S. government, by far the
largest such percentage nationwide. While federally owned land
still accounted for a minority of the state’s overall value —
44.6% — the share is still the third highest in the country. Many
states with low land values had relatively large proportions of
land dedicated to agricultural use. In Nevada, however, just 7.4%
of land is farmland, the fourth lowest figure in the country.</p>
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<p><strong> 44. Montana<br>
> Value of land per acre:</strong> $2,283<br>
<strong>> Total value:</strong> $213 billion (16th lowest)<br>
<strong>> Total acres:</strong> 93.3 million (3rd highest)<br>
<strong>> Percent land mass rural:</strong> 99.8% (tied — the
highest)</p>
<p>Like many states with less valuable land, Montana is a
geographically large and sparsely populated state. Montana spans
more than 93 million acres, one of the largest land masses in the
country. Each acre is worth just $2,283 on average, however, the
sixth lowest value among the lower 48 states. The state as a whole
is worth just $213 billion, the 35th most valuable. More than 65%
of Montana is classified as agricultural, the 10th largest
percentage.</p>
<p><br>
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<p><strong> 38. Utah<br>
> Value of land per acre:</strong> $4,664<br>
<strong>> Total value:</strong> $247 billion (20th lowest)<br>
<strong>> Total acres:</strong> 53.0 million (11th highest)<br>
<strong>> Percent land mass rural:</strong> 98.9% (9th highest)</p>
<p>Utah is one of a number of Western states with primarily
undeveloped, federally-owned, underpopulated land that is valued
relatively low compared to the rest of the country. The federal
government owns 68.8% of the land in Utah, which is the second
highest proportion among the contiguous 48 states after only
Nevada. Barely 1% of the state’s land mass is considered urban,
roughly a third of the comparable contiguous U.S. share.</p>
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<p><strong> 34. Oregon<br>
> Value of land per acre:</strong> $6,503<br>
<strong>> Total value:</strong> $400 billion (18th highest)<br>
<strong>> Total acres:</strong> 61.5 million (9th highest)<br>
<strong>> Percent land mass rural:</strong> 98.9% (10th
highest)</p>
<p>Nearly 55% of land in Oregon is owned by the federal government,
the fourth highest percentage in the country. That share of land
accounted for 28.9% of Oregon’s total value, also one of the
highest among states reviewed. However, an average acre of land in
Oregon is valued at just $6,500, approximately half the value of
an average acre in the contiguous U.S. The majority of states with
relatively low-valued land per acre tend to be larger, more rural
states. Oregon is the ninth largest state in the contiguous U.S.
by area, and 98.85% of the state’s total acreage is rural, the
10th highest proportion in the country.</p>
<p><br>
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<p><strong> 18. Washington<br>
> Value of land per acre:</strong> $16,752<br>
<strong>> Total value:</strong> $716 billion (10th highest)<br>
<strong>> Total acres:</strong> 42.7 million (19th highest)<br>
<strong>> Percent land mass rural:</strong> 96.4% (23rd lowest)</p>
<p>While only 6% of land in Washington is developed, this property
accounted for more than half of the state’s total value of $716
billion, the 11th highest proportion in the contiguous U.S.
Perhaps as a result, an acre of land in Washington is worth nearly
$17,000 on average, over $4,000 more than the average value
nationwide.</p>
<p><br>
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<p><strong> 8. California<br>
> Value of land per acre:</strong> $39,092<br>
<strong>> Total value:</strong> $3.91 billion (the highest)<br>
<strong>> Total acres:</strong> 99.9 million (2nd highest)<br>
<strong>> Percent land mass rural:</strong> 94.7% (20th lowest)</p>
<p>Federal land is worth less on the whole than private property.
Nearly 52% of California is federally owned, the fifth largest
figure nationwide and an exceptionally large percentage compared
to other high-value states. The state’s almost 100 million acres
were worth an estimated $3.9 trillion, making the state the most
valuable in the country. On a per acre basis, however, California
is worth just over $39,000, the eighth most valuable in the
country. The state’s valuable property is reflected in the cost of
California real estate. The typical California house is worth
$412,700, the most of any state except for Hawaii.</p>
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<p><strong> 7. New York<br>
> Value of land per acre:</strong> $41,314<br>
<strong>> Total value:</strong> $1.25 trillion (3rd highest)<br>
<strong>> Total acres:</strong> 30.1 million (20th lowest)<br>
<strong>> Percent land mass rural:</strong> 91.3% (11th lowest)</p>
<p>While the nation’s largest states tend to be worth less per acre,
New York is quite large and very valuable per acre. The state’s
more than 30 million acres are worth $41,314 each, on average. In
total, the Empire State’s acreage is worth $1.25 trillion. Because
of the large rural areas in the state, less than 10% of New York’s
total area is considered developed. However, that developed
property is so valuable it accounts for roughly two-thirds of the
state’s total value.</p>
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<p><strong> 1. New Jersey<br>
> Value of land per acre:</strong> $196,410<br>
<strong>> Total value:</strong> $930 billion (5th highest)<br>
<strong>> Total acres:</strong> 4.7 million (4th lowest)<br>
<strong>> Percent land mass rural:</strong> 60.3% (the lowest)</p>
<p>New Jersey has the most valuable land in the country, valued at
an estimated $196,410 per acre. The state as a whole is worth $930
billion, fifth most nationwide. Developed, urban land is far more
valuable than rural, undeveloped areas, and it should come as no
surprise that barely 60% of the state’s land mass is rural, the
lowest proportion in the country. On a national level, about 97%
of all land is rural. Population density also tends to correlate
with higher land value, and New Jersey has the highest population
density in the country at 1,196 people per square mile, compared
to a national population density of 87.4 people per square mile.</p>
<p><a class="moz-txt-link-freetext" href="http://247wallst.com/special-report/2016/06/08/the-most-and-least-valuable-states-2/">http://247wallst.com/special-report/2016/06/08/the-most-and-least-valuable-states-2/</a>
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<p>Ken<br>
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