From the Star Ledger:
New Jersey’s land is worth more per acre than any other state, according to a report, and the state’s overall land value ranks among the top in the nation.
The value of an acre of land in New Jersey, excluding buildings or other structures, clocks in at $196,410, according to a Wall Street Journal analysis of a new federal study. Only three other states — Rhode Island, Connecticut and Massachusetts — have land worth more than $100,000 per acre, according to the report.
The report shows the top five states for land value per acre are:
New Jersey: $196,410
Rhode Island: $133,730
The report was based on findings from a paper released earlier this month by the U.S. Bureau of Economic Analysis. The paper notes that New Jersey and Rhode Island are the two most developed states, with roughly 31 percent of land developed in both states.
The paper estimated land values for the contiguous 48 states and the District of Columbia and found the 1.89 billion acres of land that make up that territory are worth about $23 trillion.
The more than 4.7 million acres of land in New Jersey is worth $930 billion, according to the paper. Just four other states had greater land value overall, the paper shows. Those states are: California, Texas, New York and Florida.