Have you ever wondered what the cost to buy the United States might be?
It’s not a typical question to ask right?
Imagine being able to purchase everything from every piece of land and every building to all the goods and assets within its borders.
Is it even possible to calculate such a colossal sum?
Just pondering this scenario pushes us to evaluate the country’s worth in an entirely new perspective.
But still what could be the staggering monetary value of America?
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Cost Of Buying The United States
The total value of real estate owned by households and businesses in the United States is approximately $43.092 trillion. Hypothetically the estimated cost of buying all 628.8 million acres of land held by the Federal government is $1.886 trillion.
The fair market value of the States could reach hundreds of trillions of dollars. A ballpark figure based on current data would be about $46.058 trillion to buy the land and properties of the US.
However thinking of buying the entire US is a purely hypothetical exercise and far from reality.
Factors Affecting The Value Of A State
The value of a state isn’t just determined by the size but also by resources population and location. States with an abundant wealth of natural resources and densely populated would be more valuable.
Also states geographically closer to major cities and transportation hubs are likely to hold a higher value. Factors such as infrastructure political stability and the strength of a local job market will also substantially impact the value of a state.
The buying of a state isn’t a straightforward affair. It’s not just about gathering a large sum of money.
The process involves complex legal challenges has far-reaching political implications and could profoundly affect the global economy.
Us Real Estate Breakdown
The total value of real estate owned by households and non-profit organizations (NFPs) in the United States stands at an estimated $23.151 trillion and $20.941 trillion respectively. This gives us a combined value of $43.092 trillion.
On top of this the Federal government owns a large portion of land totalling to 628.8 million acres. The estimated cost of acquiring these acres is pinned at $1.886 trillion.
Going beyond the land the Federal government also possesses 3.35 billion square feet of Federal property an asset whose estimated value stands at $80.4 billion.
Value in real estate varies significantly across states. For instance Wyoming has the cheapest land with an average cost of $1558 per acre.
Contrast this with New Jersey where an acre averages $196410 making it the state with the most expensive land.
Other factors such as cost of living also come into play. In Hawaii for example the median home value is high making it difficult for locals to own homes.
The variances continue into the job market infrastructure and accessibility. All these factors significantly affect homeownership and the overall real estate value in the US.
- Factors affecting Real Estate Value:
- Size of the state
- Abundance of natural resources
- Population density
- Location & accessibility
- Economic growth potential
- Cost of living
- Median home values
- Job market availability
- Infrastructure quality
|STATE||AVERAGE LAND COST PER ACRE|
Cost Of Homeownership Beyond Land Prices
When it comes to homeownership in the United States the cost extends beyond the price of the land. Factors such as the cost of living job market availability the state’s infrastructure and the cost to build a house significantly influence the overall cost.
The average American homeowner spends approximately $2127 per year on property taxes albeit these rates can vary by state. Consider Mississippi where the property taxes are low compared to New Jersey where they are significantly higher.
Other expenses also contribute to the cost of homeownership. For example utilities and homeowner association fees which can add an extra $200 per month and costs associated with maintaining and improving the property.
Building a house on purchased land incorporates additional expenses such as plumbing and electricity. To add to this different states have different building and zoning regulations which may compel homeowners to spend more on particular building practices or materials.
The median home value in each state plays a significant role in homeownership costs. States like Hawaii have much higher median home values which can restrict homeownership for many residents.
To put this into perspective Wyoming has the cheapest land per acre at roughly $1558 while New Jersey houses the most expensive land at $196410 per acre.
Conversely owning property can be a worthwhile and long-term investment due to potential appreciation in value and the capacity to generate rent. However these benefits must be weighed against the high costs maintenance requirements and legal responsibilities that come with it.
The cost to buy the United States or individual states within it would be a monumental and arguably impossible endeavor that would have far-reaching political economic and legal implications.