With every real estate market trend “The Catch” is to find the Cheapest Land in the US.
After the entire US economy faced uncertainty in the 2007-2008 Global Financial Crisis, the land market seemed to be unremunerative for the year 2009. The Average Farm Real Estate Value decreased from 2,170 in 2008 to 2,090 in 2009.
But since then, the land real estate business showed a steady increase in the US, and the current Average Land Market is 3,160 till August 6, 2019.
With the increasing real estate costs, you can still find the cheapest land filled with revenue-generating potential.
The cost of a specific land is dependent mostly upon its condition and location. Before looking at ” Where are the cheapest land in the US” remember considering that these lands may lack amenities, utilities, maintenance, convenience, and most importantly people.
Where is the Cheapest Land in the US?
Kansas
While offering the Cheapest Places to Buy Land in the U.S, Kansas is on the top of the list. The land price is relatively low with many tight-knit communities within the towns.
Kansas farm real estate value decreased 3% in comparison to the year 2019. The land now offers $60 less than the last year with the average price of $1,900, as reported by USDA’s National Agricultural Statistics Service.
The total farm and ranch land of Kansas are counted as 45 million acres with an average operation size of 780 acres. We can get an idea of the productivity of Kansas land by checking the value of rentals. The average rent paid to landlords of irrigated croplands is $129 per acre, while the average rent of dryland Copland is $56. The lowest rented land is Pasture for the price of $19 to $20 per acre.
Louisiana
It is one of the most reasonably priced markets especially when someone is looking to own farmland. But here comes a con, some of the lands in Louisiana are not fulfilled with fertile soil, scenic square fields and properly working irrigation systems.
Furthermore, there are some factors to consider before making any purchase in Louisiana State. Remember to check the topography of the land. Since it is counted in the lowest elevated states in the US, flooding can be a common issue that you have to deal with.
Precisely, if we talk about the values as per USDA – NASS, the Average land value per acre of Louisiana is 3,160 in 2020 which is up from 2,050 in 2010. It is considered as one of the cheapest places to buy land in the US with a low Average cash rent per acre as well. Specifically, in 2020, the average rented cost per acre for all cropland is $96.5, irrigated cropland is $114, non-irrigated cropland is $77 and pastureland is standing at just $19.
