Land Appreciates. Homes Depreciate.

Jonathan Miller

Research

7 Pages

Housing Notes frames homeownership as two assets bundled together: land that often drives appreciation and a structure that wears down without reinvestment. The point is useful for investors because housing returns depend on location, scarcity, maintenance, and the ongoing capital needed to keep the depreciating building competitive.

Key Takeaways

Land Drives Housing: The article separates housing into 2 assets: appreciating land and a depreciating structure that needs ongoing reinvestment.
Supply Is Scarce: U.S. land listings are down 23.6% since early 2019, while median land prices have risen 76.6% to about $62,365 per acre.
Regional Gaps Matter: Northeast land prices are up 101% since 2019, while the West fell 5.9% year over year in early 2026.
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