The figures: - **Nationally, land is ~a third+ of home value** — but it's highly variable and rises over time. - **Coastal/superstar metros run far higher — often 60-80%** ([Statista, land share by city](https://www.statista.com/statistics/1376634/land-price-as-a-share-of-property-value-in-selected-cities-in-the-us/)). In SF you are almost purely a land investor; the building is a small slice. - US household real estate asset values hit [a new high in 2025](https://eyeonhousing.org/2025/09/household-real-estate-asset-values-reach-new-high/). Where to find it: - [AEI Land Price & Land Share Indicators](https://www.aei.org/housing/land-price-indicators/) — ZIP-code-level land share for the 100 largest metros (interactive). - [Statista land-share-by-city](https://www.statista.com/statistics/1376634/land-price-as-a-share-of-property-value-in-selected-cities-in-the-us/). - Davis-Heathcote, [The Price and Quantity of Residential Land in the US](https://www.jonathanheathcote.com/land-final.pdf) (the academic dataset).