The average price of residential land grew by 6.8% in 2020, faster than other types of land, and is expected to maintain that growth in 2021 – according to Lawn Love. The site’s ranking of 2022’s ‘Most Expensive Counties to Buy Residential Land’ compared the average price and estimated property tax on an acre of a single-family parcel in 300 of the biggest U.S. counties. Locals may or may not be surprised that Hudson County not only landed on the list but ranked overall in third place.
Hudson County’s Rank by Metric (1 = Most Expensive)
- Average Price per Acre – 8th
- Average Annual Property Tax per Acre – 2nd
- Average Annual Property Tax Rate – 26th
Lawn Love wrote about Hudson County saying, “Having a hard time finding lots in NYC? Look across the river from The Big Apple, in Hudson County, New Jersey (No. 3). While lots in Hudson County pack a heavy price tag, the area is less developed than its busier neighbors, so there are more potential tracts to purchase.”
The site also stated, “Before putting a payment down on residential property, it’s a good idea to check local constraints on developing land, if any. Many regions have specific zoning ordinances that may prevent buyers from executing their vision, particularly for multi-family and mixed-use development.”
The full ranking and analysis can be found here.