Detailed Data Show the Value of Land Under Homes Across the Country
Original Content Publication Date: 01/23/2019
An acre of dirt is valued at a higher price than an area of the same size already developed in the area. Yet the demand for that land in one area can be as high as 7,500 times a similar lot in another area. It all boils down to supply and demand and in some areas of the US it is at a major high. The demand is uneven though and areas with already pricey land appreciate faster than others. This leads to the widening of already wide wealth gaps furthering inequality between the rich and poor.
- The price of undeveloped land is higher than the developed areas in the same area
- Areas with high-priced land saw it appreciate faster and more than areas with low demand
- This affects the economy by widening the wealth gaps in those areas with more expensive land areas
- What factors can affect the price of land in an area?
- What things can be affected by the prices of land?
- What are the economic consequences of highly priced land on the surrounding area?