Land is sold in acres. While people generally think of farmland when hearing about acres, all land can be measured by its acreage. Different states have different values for an acre of land. Additionally, within a given state, the farmland price can be different for land in more suburban and urban areas.
As mentioned, most people think about farmland when they hear the word “acreage.” This is because farms, especially commercial ones, need plenty of space for animals, crops, and equipment.
Those looking for inexpensive farmland could check out New Mexico. This cost per acre in the state is only $610, according to 2022 data from the National Agricultural Statistics Service (a part of the USDA). Wyoming comes in second at $850 per acre. These are the only two states with an acre of farmland valued at under $1,000.
On the other end of the spectrum are states that most potential farmers should probably avoid. The most expensive farmland per acre is in Rhode Island, where an acre will cost you $17,500. Three other states with high prices are in the northeast as well. New Jersey ($15,400), Massachusetts ($15,200), and Connecticut ($13,700) all have high per-acre prices. This could be because all these states are small in land size, making their land more valuable.
The final state with a high cost of acreage is not small. California’s farmland acres are valued at $12,000 each.
Most states with low or high value-per-acre for farmland generally have a similar rank in the value of acre overall for the state. For example, the two states with the lowest farm cost per acre have the lowest overall cost. Wyoming’s acreage is valued at $1,558 each, and New Mexico’s is $1,931.
Again, the most expensive acreage is located in the northeast of the U.S. New Jersey has an acreage cost of $196,410 per acre. That is more than 100 times more expensive than an acre in either of the two least expensive states. Rhode Island ($133,730), Connecticut ($128,824), Massachusetts ($102,214), and Maryland ($75,429) complete the top five most expensive states.