The Median Lot Size in Every U.S. State in 2022
Connect with us

Real Estate

The Median Lot Size in Every U.S. State in 2022

Published

on

Comparing average lot sizes in every U.S. state

The Median Lot Size in Every U.S. State in 2022

The “American Dream” is often associated with imagery of spacious estates adorned with white picket fences, wrap-around porches, and sprawling green lawns that seem to go on forever.

But in reality, modern American life has become much more compact. Over the last few decades, the typical lot size in the U.S. has decreased significantly—from 18,760 square feet in 1978 to 13,896 in 2020.

While lot sizes are getting smaller overall, there are still large discrepancies in lot sizes from state to state. This graphic by Angi uses data from the 2022 U.S. Lot Size Index to show the median lot size in every U.S. State, using data from 312,456 Zillow listings as of May 2022.

Largest and Smallest Median Lot Sizes by State

When it comes to the states with the largest plots of land, New England dominates the ranking, with Vermont, New Hampshire, and Maine at the top of the list.

RankStateMedian lot size (sq.ft.)
1Vermont78,408
2New Hampshire49,223
3Maine45,738
4Montana43,560
5Alaska42,423
6Mississippi31,799
7Connecticut30,928
8Arkansas24,829
9Tennessee24,394
10Georgia22,215

New England was one of the first regions settled by the Europeans in Colonial America. This long history, along with a large rural population, could explain why the area has strict zoning policies that limit density and require large minimum lot sizes for new builds.

On the opposite end of the spectrum, Nevada ranks as the state with the smallest median lot size:

RankStateMedian lot size (sq.ft.)
1Nevada7,405
2California8,327
3Arizona8,726
4Illinois9,025
5Texas9,540
6Colorado10,019
7Florida10,019
8North Dakota10,019
9New Jersey10,019
10Ohio10,019

One possible explanation is that Nevada’s population boom—and subsequent development—is relatively recent. Newer homes listed in the dataset tend to have smaller lot sizes, and in Nevada, 34.6% of homes included in the research were built in 2000 or later.

Comparing Lot Size to Land Price

Generally speaking, the states with the biggest lots also tend to have the cheapest land when broken down per square foot. For instance, in Vermont, properties sold for a median $5.95 per square foot.

comparing average lot sizes in the U.S. to price

View the full-size infographic

On the flip side, in Nevada, land sold for a median $82.80 per square foot—that’s the third most expensive of any state.

Of course, other factors are at play here when it comes to the cost of land. Like anything else that’s for sale, the price of a lot is governed largely by the laws of supply and demand.

For example, housing supply is scarce in Hawaii, where only 4.9% of the land is zoned for residential development, and the median home size is much smaller than in other parts of the country. Not surprisingly, the median plot of land in Hawaii costs $110.86 per square foot, the most expensive on the list.

The Future of Housing in America

Lot sizes remain relatively large in some states for now, but as the U.S. population continues to become more urbanized, living conditions in America could get even tighter.

Will America hold onto its spacious way of living, or could life in the U.S. start to resemble more densely populated regions in the future?

green check mark icon

This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

Subscribe to Visual Capitalist
Click for Comments

Markets

These Global Cities Show the Highest Real Estate Bubble Risk

A global look at which cities have the most overheated real estate markets. Toronto shows the highest bubble risk in 2022.

Published

on

These Global Cities Show the Highest Real Estate Bubble Risk

Housing bubbles are a tricky phenomenon. As a market gathers steam and prices increase, it remains a matter of debate whether that market is overvalued and flooded with speculation, or it’s simply experiencing robust demand.

Of course, once a bubble bursts, it’s all obvious in hindsight.

One common red flag is when prices decouple from local incomes and rents. As well, imbalances in the real economy, such as excessive construction activity and lending can signal a bubble in the making.

The map above, based on data from the Real Estate Bubble Index by UBS, examines 25 global cities, scoring them based on their bubble risk.

Overinflated Markets

In the 2022 edition of the Real Estate Bubble Index, nine of the cities covered were classified as having extreme bubble risk (1.5 or higher score).

RankRisk CategoryCityBubble Index Score
#1🔴🇨🇦 Toronto2.24
#2🔴🇩🇪 Frankfurt2.21
#3🔴🇨🇭 Zurich1.81
#4🔴🇩🇪 Munich1.80
#5🔴🇭🇰 Hong Kong1.71
#6🔴🇨🇦 Vancouver1.70
#7🔴🇳🇱 Amsterdam1.62
#8🔴🇮🇱 Tel Aviv1.59
#9🔴🇯🇵 Tokyo1.56
#10🟠🇺🇸 Miami1.39
#11🟠🇺🇸 Los Angeles1.31
#12🟠🇸🇪 Stockholm1.22
#13🟠🇫🇷 Paris1.21
#14🟠🇦🇺 Sydney1.19
#15🟠🇨🇭 Geneva1.14
#16🟠🇬🇧 London1.08
#17🟠🇺🇸 San Francisco0.78
#18🟠🇺🇸 Boston0.75
#19🟠🇪🇸 Madrid0.59
#20🟠🇺🇸 New York0.57
#21🟠🇸🇬 Singapore0.50
#22🟢🇮🇹 Milan0.34
#23🟢🇧🇷 Sao Paulo0.20
#24🟢🇦🇪 Dubai0.16
#25🟢🇵🇱 Warsaw0.15

Canada’s largest city finds itself at the top of a ranking no city wants to end up on. Toronto’s home prices have been rising steadily for years now, and many, including UBS, believe that the city is now firmly in bubble territory.

Chart showing Toronto's rising home prices

Vancouver also finds itself in a similar position. Both Canadian cities have a high quality of life and have thriving tech industries.

Notably, none of the U.S. cities analyzed find themselves in the most extreme bubble risk category. The closest scoring U.S. city was Miami, which sits firmly in overvalued territory (0.5-1.5 range) with a score of 1.39.

Examining the Trends

In recent years, low interest rates helped push home prices and incomes further apart.

For cities in the bubble risk zone, prices have climbed by an average of 60% in inflation-adjusted terms over the past decade, while rents and real incomes increased by just 12%. And, while COVID-19 briefly put a dent in urban demand, rents in the cities analyzed rose at around the same pace as pre-pandemic times.

As a result, all but three of the cities saw positive price growth over the past year from a nominal price perspective:

Chart showing real estate price growth rates in global cities in 2021

U.S. cities occupy a number of spots at the top of this chart. Miami, in particular, is seeing strong internal migration patterns, as well as renewed interest from foreign investors.

Hong Kong experienced the biggest one-year nominal drop of all the cities analyzed. The report notes that since around 2019 Hong Kong “has broadly stagnated as the lack of affordability, economic woes, and pandemic restrictions all took a major toll on demand.”

Prices can’t rise forever. According to UBS, most cities with high valuations, price corrections have already begun, or could be right around the corner.

Continue Reading

Subscribe

Popular