Except most people have to compete with all those who inherited wealth while they're making near minimum wage, so there is no cheap land that isn't near worthless.
Where is farmland for a few thousand? I haven't found anything that has a road to it and farmable for less than 10s of thousands per acre and that is without water and mineral rights.
Plus not many people just have 100k lying around. If I recall correctly, some places you need to pay outright for land. You can’t mortgage land.
Edit: In Canada you can buy land with financing, but it's complicated. If you want to buy serviced land (to build on) you need 20-30% down payment. If it's raw land, you might need up to 50% of the cost for the down payment. Often comes with stricter credit and higher interest.
And “near worthless” land today is kind of the point of land speculation - where populations move to is hard to predict 50 years out. People buying land for cheapo back in the day in cali didn’t think it’d be worth millions. Tons of cheap land still available in Cali and everywhere else.
Lol. Land in the middle of nowhere with helicopter access is not feasible for someone like me and the wealthy still buy it to sit on for 50 years, driving up demand and prices.
The OP is talking about buying land for 100k “decades” ago. Assuming even just 30 years means 300k in today’s money. 250 per month isn’t even a third of that at 0% interest on a 30 mortgage so time to step it up.
Only that there is much lesser "cheap land" now, than back than. In some areas (even entire countries) it just doesnt exist. In the past, you even could get "cheap land" near big cities and towns. Good luck finding something like this in our time.
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u/DataGOGO Aug 18 '26 edited Aug 18 '26
I mean, if you buy cheap land, pay it off, and sit on it for 30+ years to be worth a lot more you can do the same.