Have you ever thought about how much the land in the contiguous United States is worth? It is rather mind blowing to imagine the entire country, from sea to shining sea, being sold as one mass of land, but that's exactly what a recent report from the Federal Housing Finance Agency did. The study estimated that the combined value of all land in the 48 contiguous United States is worth almost $23 trillion. The most valuable state overall is California. The Golden State accounted for 17% of the entire value of the 48 states. However, New Jersey had the most valuable real estate relative to the size of the Garden State. The home of Bruce Springsteen and Bon Jovi has a per-acre value of $196,400. That is 16 times the average value of an acre across America.
Developed urban, suburban, agricultural, and federal lands were all taken into account in the study. States with a bigger population almost always have larger urban centers and this boosts the relative value of the real estate. This is evident in the list of the top 10 most valuable states. California is worth more than the next three most valuable states combined, yet ranks lower on the per-acre average due to the large amount of land it has dedicated to agriculture.
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Most Valuable States, Overall
10. Washington
Total value: $716 billion
9. Illinois
Total value: $833 billion
8. Ohio
Total value: $838 billion
7. Michigan
Total value: $865 billion
6. Pennsylvania
Total value: $914 billion
5. New Jersey
Total value: $930 billion
4. Florida
Total value: $1.0 trillion
3. New York
Total value: $1.2 trillion
2. Texas
Total value: $1.3 trillion
 1. California
Total value: $3.9 trillion
Most Valuable States Per Acre
Conversely, states with larger rural areas relative to their size didn't fare as well in this valuation. Agricultural and undeveloped land is worth significantly less than the land that cites and suburbs lie upon. States like New Jersey, Massachusetts, and Rhode Island fared well in the study since they are smaller in land mass and have less rural areas to drag down the average price per acre. In fact, six of the top 10 most valuable states are also among the 10 smallest states by size.
10. Pennsylvania
Value of land per acre: $31,923
Total acres: 28.6 million
9. Ohio
Value of land per acre: $32,077
Total acres: 26.1 million
8. California
Value of land per acre: $39,092
Total acres: 99.9 million
7. New York
Value of land per acre: $41,314
Total acres: 30.1 million
6. Delaware
Value of land per acre: $57,692
Total acres: 1.2 million
5. Maryland
Value of land per acre: $75,429
Total acres: 6.2 million
4. Massachusetts
Value of land per acre: $102,214
Total acres: 5.1 million
3. Connecticut
Value of land per acre: $128,824
Total acres: 3.1 million
2. Rhode Island
Value of land per acre: $133,730
Total acres: 673,000
1. New Jersey
Value of land per acre: $196,410
Total acres: 4.7 million
The Full List of Most Valuable Contiguous States (Per Acre):
1. New Jersey
Value of land per acre: $196,410
Total value: $930 billion
Total acres: 4.7 million
2. Rhode Island
Value of land per acre: $133,730
Total value: $90 billion
Total acres: 673,000
3. Connecticut
Value of land per acre: $128,824
Total value: $400 billion
Total acres: 3.1 million
4. Massachusetts
Value of land per acre: $102,214
Total value: $517 billion
Total acres: 5.1 million
5. Maryland
Value of land per acre: $75,429
Total value: $470 billion
Total acres: 6.2 million
6. Delaware
Value of land per acre: $57,692
Total value: $72 billion
Total acres: 1.2 million
7. New York
Value of land per acre: $41,314
Total value: $1.2 trillion
Total acres: 30.1 millionÂ
8. California
Value of land per acre: $39,092
Total value: $3.9 trillion
Total acres: 99.9 million
9. Ohio
Value of land per acre: $32,077
Total value: $838 billion
Total acres: 26.1 million
10. Pennsylvania
Value of land per acre: $31,923
Total value: $914 billion
Total acres: 28.6 million
11. Florida
Value of land per acre: $28,961
Total value: $1.0 trillion
Total acres: 35.3 million
12. Michigan
Value of land per acre: $23,765
Total value: $865 billion
Total acres: 36.4 million
13. Â Illinois
Value of land per acre: $23,492
Total value: $833 billion
Total acres: 35.5 million
14. Virginia
Value of land per acre: $21,921
Total value: $555 billion
Total acres: 25.3 million
15. New Hampshire
Value of land per acre: $19,840
Total value: $114 billion
Total acres: 5.7 million
16. South Carolina
Value of land per acre: $17,610
Total value: $339 billion
Total acres: 19.3 million
17. Indiana
Value of land per acre: $16,903
Total value: $387 billion
Total acres: 22.9 million
18. Washington
Value of land per acre: $16,752
Total value: $716 billion
Total acres: 42.7 million
19. North Carolina
Value of land per acre: $16,230
Total value: $506 billion
Total acres: 31.2 million
20. Tennessee
Value of land per acre: $14,411
Total value: $380 billion
Total acres: 26.4 million
21. Georgia
Value of land per acre: $14,242
Total value: $528 billion
Total acres: 37.1 million
22. Louisiana
Value of land per acre: $12,908
Total value: $354 billion
Total acres: 27.4 million
23. Alabama
Value of land per acre: $12,356
Total value: $400 billion
Total acres: 32.4 million
24. West Virginia
Value of land per acre: $10,537
Total value: $162 billion
Total acres: 15.4 million
25. Wisconsin
Value of land per acre: $9,924
Total value: $344 billion
Total acres: 34.7 million
26. Minnesota
Value of land per acre: $8,191
Total value: $416 billion
Total acres: 50.8 million
27. Texas
Value of land per acre: $7,542
Total value: $1.3 trillion
Total acres: 167.9 million
28. Vermont
Value of land per acre: $7,439
Total value: $44 billion
Total acres: 5.9 million
 29. Oklahoma
Value of land per acre: $7,364
Total value: $323 billion
Total acres: 43.9 million
30. Missouri
Value of land per acre: $7,233
Total value: $318 billion
Total acres: 44.0 million
31. Kentucky
Value of land per acre: $7,209
Total value: $183 billion
Total acres: 25.4 million
32. Arkansas
Value of land per acre: $6,739
Total value: $224 billion
Total acres: 33.2 million
33. Iowa
Value of land per acre: $6,590
Total value: $235 billion
Total acres: 35.7 million
34. Oregon
Value of land per acre: $6,503
Total value: $400 billion
Total acres: 61.5 million
35. Colorado
Value of land per acre: $6,462
Total value: $429 billion
Total acres: 66.4 million
36. Maine
Value of land per acre: $6,142
Total value: $122 billion
Total acres: 19.9 million
37. Mississippi
Value of land per acre: $5,565
Total value: $166 billion
Total acres: 29.8 million
38. Utah
Value of land per acre: $4,664
Total value: $247 billion
Total acres: 50.3 million
39. Arizona
Value of land per acre: $4,328
Total value: $315 billion
Total acres: 72.8 million
40. Kansas
Value of land per acre: $4,220
Total value: $220 billion
Total acres: 52.1 million
41. Idaho
Value of land per acre: $3,435
Total value: $182 billion
Total acres: 53.0 million
42. Nebraska
Value of land per acre: $2,936
Total value: $144 billion
Total acres: 49.1 million
43. North Dakota
Value of land per acre: $2,517
Total value: $110 billion
Total acres: 43.7 million
44. Montana
Value of land per acre: $2,283
Total value: $213 billion
Total acres: 93.3 million
45. South Dakota
Value of land per acre: $2,135
Total value: $103 billion
Total acres: 48.2 million
46. Nevada
Value of land per acre: $2,116
Total value: $149 billion
Total acres: 70.4 million
47. New Mexico
Value of land per acre: $1,931
Total value: $150 billion
Total acres: 77.7 million
48. Wyoming
Value of land per acre: $1,558
Total value: $97 billion
Total acres: 62.3 million
