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Sorry - didn't catch your post till this evening.
I live in Arkansas. Land prices are low here, but so are the IQ's. (just kidding).
Generally the south and east parts of the state are undesireable. The central and western parts of the state are pretty nice. The northwest corner is booming, so prices are higher.
An 80 acre ranch with a medium quality 1800 square foot 3 br/2ba brick home, barn, pond, etc. will run around $200K. Add about $50K for the Northwest area. As anywhere, a lot depends on the lay of the land, quality of the home, amenities, etc., so you can find cheaper or more expensive, depending on how yuppie or down home you want to be.
My place has a market value around $250K. I've done some comparisons in planning for retirement down the road, and it would be worth around $500K in Colorado and $800+K in Virginia.
I am from, prefer, and recommend Southwest Missouri over Arkansas. Prices aren't a lot higher there and it is a much more desireable area - better schools, better infrastructure, better educated people, better jobs and pay, etc., etc. And the land is much more suitable for horses (no offense - just my opinion).
But, land is definitely cheap here and eveyone has different values...
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