Replacement Cost by ZIP: Where Assessed Values Sit Below the Cost to Rebuild (2026)
The replacement-cost card prices the building, not the market: what it would cost to build the structure new at the ZIP's cost per square foot, what it is worth after depreciation, and how the assessed value compares. When a property is assessed below its depreciated replacement cost, the land and the building together are worth less than the building alone would cost, which is the hard floor investors look for. This report ranks the ZIPs with the largest share below replacement and gives the national averages.
- 2,182,193 properties are scored across 1,035 ZIPs on the replacement-cost card; the average median cost is $150 per square foot and the average replacement cost new $325,861.
- The average median assessed value is $313,304; on average 6.2% of a ZIP's properties sit below replacement, and 58 ZIPs have a quarter or more below.
- 33540 in Pasco County, FL has the largest share below replacement at 62.3% of 1,603 scored properties.
- The replacement-cost ratio is the hard floor an offer can be anchored to.
replacement-cost: the replacement-cost card figures as of 2026-10-20; source DLRadar's parcel-level replacement-cost model summarised by ZIP.
| ZIP (county, state) | Below replacement | Properties scored | Cost per sq ft | Median assessed value |
|---|---|---|---|---|
| 33540 (Pasco, FL) | 62.3% | 1,603 | $144 | $31,220 |
| 33973 (Lee, FL) | 32.2% | 597 | $223 | $326,391 |
| 32421 (Calhoun, FL) | 28.3% | 1,582 | $144 | $41,588 |
| 32424 (Calhoun, FL) | 24.9% | 2,103 | $144 | $48,531 |
| 32321 (Liberty, FL) | 23.9% | 3,866 | $144 | $31,656 |
| 32094 (Suwannee, FL) | 23.8% | 1,300 | $144 | $70,812 |
| 32334 (Liberty, FL) | 23.6% | 1,379 | $144 | $28,332 |
| 32062 (Suwannee, FL) | 23.5% | 1,137 | $144 | $82,609 |
| 32060 (Suwannee, FL) | 23.2% | 5,142 | $144 | $83,734 |
| 32694 (Alachua, FL) | 23.2% | 1,687 | $144 | $76,913 |
ZIPs by share of properties assessed below replacement cost (500+ scored) (replacement-cost, as of 2026-10-20)
ZIPs assessed furthest below rebuild cost (replacement-cost)
33540 in Pasco County, FL: 62.3% below replacement, 1,603 scored, $144 per square foot, assessed $31,220; 33973 in Lee County, FL: 32.2% below replacement, 597 scored, $223 per square foot, assessed $326,391; 32421 in Calhoun County, FL: 28.3% below replacement, 1,582 scored, $144 per square foot, assessed $41,588; 32424 in Calhoun County, FL: 24.9% below replacement, 2,103 scored, $144 per square foot, assessed $48,531; 32321 in Liberty County, FL: 23.9% below replacement, 3,866 scored, $144 per square foot, assessed $31,656; 32094 in Suwannee County, FL: 23.8% below replacement, 1,300 scored, $144 per square foot, assessed $70,812.
What replacement-cost measures
Properties scored in the ZIP, median cost per square foot, median replacement cost new, median depreciated replacement cost, median assessed value, the median ratio of assessed value to depreciated cost and the share of properties below replacement.
How replacement-cost is computed
Each scored parcel's living area is multiplied by a regional cost per square foot drawn from published construction-cost benchmarks, depreciated by age and condition where the roll gives them, and compared with the assessed value from the roll. The ZIP summary takes medians; the table rebuilds when the roll or the cost benchmarks refresh.
How to use replacement-cost on a deal
A high share below replacement is a market where new construction cannot compete, so existing stock holds value once demand returns; it is also where insurers price rebuild cost above market value and premiums bite. Use the ratio as a floor in an offer: a distressed parcel assessed far below its depreciated cost has a margin the market will eventually recognise.
Read replacement-cost on your ZIPs
The replacement-cost radar ranks every ZIP; the live board shows the card beside each parcel's assessed value.
Replacement-cost refreshes with its source table.
Replacement Cost by ZIP: Where Assessed Values Sit Below the Cost to Rebuild (2026): questions
Is assessed value the market value?
No. It is the roll's valuation for tax, often below market; the card uses it because it exists for every parcel.
Where does the cost per square foot come from?
Published regional construction-cost benchmarks in the RSMeans style, applied by ZIP.
Why do rural ZIPs lead?
Low assessed values against a cost floor that does not fall as far; the share is a ratio, not a measure of demand.
More on the replacement-cost card
Replacement Cost by ZIP: Where Assessed Values Sit Below the Cost to Rebuild (2026) (replacement-cost) is computed from DLRadar's parcel-level replacement-cost model summarised by ZIP; the replacement-cost card is research (replacement-cost), not legal advice; nothing on the replacement-cost page is tax or replacement-cost investment advice, so verify every replacement-cost figure with its issuing agency before acting.