The Cost of an Illinois Acre

The Cost of an Illinois Acre

According to a report commissioned by the Illinois Department of Natural Resources in the fall of 1999, land values in Illinois vary greatly, from $300 per acre in parts of Vermillion County downstate to more than $500,000 per acre in DuPage County. Overall, land values have steadily increased in the 1990s and, in parts of Northeastern Illinois, they have "skyrocketed." As long as the national and state economies remain strong, there is little reason to expect this trend to change. Land values will continue to increase, outpacing inflation and to periodically spiral upward for development "hot spots."

County Characterization of Current Costs Reported Change

of Land Acquired (Per Acre) During the 1990s

Lake East: $40,000 - 60,000 Costs doubled

West: $20,000 - 30,000

McHenry East: $20,000 - 40,000 Increased 2 to 3 times

Central: $7,000 - 10,000 inflation rate

West: $5,000 - 6,000

Kane East: $25,000 - 30,000 Prices per acre have

Central: $15,000 - 17,000 increased $5,000 in the

West: $6,000 - 9,000 last 4 years

DuPage 1998 average: $150,400 In 1988, average per acre

1997 average: $138,000 cost was $25,000

In 1989, $45,000

Will North of 1-80: $6,000-7,000 with Costs doubled or

some costs reaching $20,000 tripled in the

South of 1-80: $5,000-6,000 1990s

East/Third Airport Area: $10,000

Cook $30,000-60,000 Substantially

Considered parcels as increased

high as $500,000

Boone Upland: $3,500 Substantially increased

Floodplain: $2,000 - 2,500 in last 5 years

Macon Per acre values have ranged Increased

from $900 to 5,600

Most recent gift in 1998

appraised at $3,800

Vermillion Agricultural: $1,300 Increased

Woodland: $300 - 500

(estimate for 1995)

From the report, see the chart of land values per acre as reported by county park and conservation agencies for northeastern Illinois and three downstate counties. These reports were confirmed by Corlands, the realty arm of the Openlands Project, and the Illinois Homebuilders Association.

Interestingly, in a 1997 land value analysis and comparison conducted by the DNR's Division of Realty, an average cost per acre was calculated at $22,446 based on figures from 67 grant- assisted acquisition projects. Individual projects varied widely in cost from $2,560 to $850,000 per acre for unimproved property.

From "Natural Resources Land Values," a study by the Illinois Department of Natural Resources. September of 1999.

November/December 1999 /41

County	Characterization of Current Costs	Reported Change
	of Land Acquired (Per Acre)	During the 1990s
Lake	East: $40,000 - 60,000	Costs doubled
	West: $20,000 - 30,000
McHenry	East: $20,000 - 40,000	Increased 2 to 3 times
	Central: $7,000 - 10,000	inflation rate
	West: $5,000 - 6,000
Kane	East: $25,000 - 30,000	Prices per acre have
	Central: $15,000 - 17,000	increased $5,000 in the
	West: $6,000 - 9,000	last 4 years
DuPage	1998 average: $150,400	In 1988, average per acre
	1997 average: $138,000	cost was $25,000
		In 1989, $45,000
Will	North of 1-80: $6,000-7,000 with	Costs doubled or
	some costs reaching $20,000	tripled in the
	South of 1-80: $5,000-6,000	1990s
	East/Third Airport Area: $10,000
Cook	$30,000-60,000	Substantially
	Considered parcels as	increased
	high as $500,000
Boone	Upland: $3,500	Substantially increased
	Floodplain: $2,000 - 2,500	in last 5 years
Macon	Per acre values have ranged	Increased
	from $900 to 5,600
	Most recent gift in 1998
	appraised at $3,800
Vermillion	Agricultural: $1,300	Increased
	Woodland: $300 - 500
	(estimate for 1995)