Cheapest Land in America
The cheapest land in America today would be large tracts of acreage located in remote, rural areas of the Western states and priced under $500 per acre. This type of real estate is mostly overlooked, yet is one of the safest and most reliable long term assets that a person can own. Let’s suppose in 1960, fifty years ago, a grandfather died and his $150,000 estate was divided evenly among his three infant grandchildren. The first grandchild was given $50,000 in General Motors stock, at the time among the strongest, safest and most popular Wall Street stocks. The second grandchild was given $50,000 cash in a safe deposit box. The third grandchild was given a deed to 5,000 acres of cheap land located in the “boondocks” purchased for $10 per acre. The grandfather’s estate stipulated that the assets had to be held for 50 years and then turned over to the beneficiaries. Fifty years later, in the year 2010, how did these three heirs make out?
The grandchild who inherited General Motors stock received nothing because this popular and reliable Wall Street stock went bankrupt and wiped out stockholders.
The grandchild who inherited the $50,000 cash received a currency that had depreciated 86% in buying power. According to the U. S. Bureau of Labor Statistics it took $369,000 in 2010 to purchase the same goods and services that $50,000 could have purchased in 1960. In other words the $50,000 placed in the safe deposit box in 1960 is only worth about $7,000 in 2010.
The grandchild who inherited the 5,000 acres in the “boondocks” held an asset worth $300 per acre or $1.5 million.
The summation of this historical supposition is that one of the most popular and revered Wall Street stocks worth $50,000 in 1960 became worthless 50 years later; $50,000 in cash held for the last 50 years depreciated to a value of only $7,000; yet some of the cheapest land in America, purchased in 1960 for $10 per-acre, increased in value to approximately $1.5 million fifty years later.
A tract of the cheapest land in America is an asset that everyone should own. It can’t be stolen; can’t be outdated by new technology; can’t be destroyed; and it can’t be manufactured or reproduced. Today the population of the United States is 307 million and during the next 50 years the population is projected to increase to over 400 million. That means an additional 100 million people yet not one new acre of land will be created. History has proven that it’s virtually impossible to lose money owning the cheapest land in America if purchased cheap enough and held long enough!
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