Tomar, we agree that the most prime land in city centres is extremely valuable and house prices there reflect that. But we are talking about house prices in general, the kind of prices the average person has to pay, not to live in the centre, but to live anywhere! What I cannot understand is why new houses are not built further out of the boundary of a city. For example London has an outer boundary of about 100 miles long, and let's say houses were built outside it, in a ring one mile deep. That would release 64,000 acres which is enough room for half a million houses which could be sold (at £200,000 each BELOW current house prices) for 100 billion in total, thus basically solving the housing shortage there. So why is it not done?I have slighlty lower than 151 million as population in 1950
1950 United States Census - Wikipedia
I said that TOTAL amount of land is not important... what is important is land in desirable areas ....A plot of land in central Paris, London or New York is worth gold... the same size plot of land in the middle of the new Mexico desert is worth next to nothing
Study shows huge disparity in U.S. urban land value, with NYC making up 10% | 6sqft
A recently-published study by economists at the University of Illinois and the University of Michigan shows that 48 percent–almost half–of the total value of America’s urban land can be found within the borders of five of what Citylab’s Richard Florida calls “superstar metro areas:” New York, Los Angeles, San Francisco, Washington, D.C., and Chicago. According to the study, the value of America’s urban land is a total of $25 trillion as of 2010
That’s an average of $511,000 per acre or $100,000 for the typical residential lot of a fifth of an acre. But in NYC, which makes up a whopping 10 percent of this total, an acre of land is worth more than $5 million.
One acre of central land in New York City is worth approximately 72 times more than an equivalent acre of central Atlanta or Pittsburgh, and almost 1,400 times more than the Rust Belt and Sunbelt metro equivalent land.
New York’s is highest at a total of $2.5 trillion, followed by Los Angeles at $2.3 trillion. But the third most valuable urban land ($1.1 trillion) can be found in Washington, D.C. which has the nation’s sixth largest population (in third-most-populous Chicago, urban land is worth $863 billion). The New York metro area also has the highest average price per acre at more than $5 million, followed by San Francisco, Honolulu, and Jersey City–directly across from Manhattan—where land is worth $3.3 million per acre. Los Angeles is fifth at $2.7 million per acre.
What US land is really worth, state by state
On average, the value of central urban land is about four times that of land over 10 miles from a city center. In superstar cities, the difference is far greater: In Chicago, Washington D.C., and Philadelphia, central land is about 30 times more valuable than the land that surrounds it; in New York and Denver, it’s about 20 times more valuable, and in Boston, San Francisco, Seattle, Portland, Austin, Dallas, and Houston, its value is 10 times higher