Farm Real Estate Values Rise in Ind., Fall in Mich.
Published: Friday, August 14, 2020
The 2020 average Indiana farm real estate value, including land and buildings, averaged $6,600 per acre, according to Marlo Johnson, regional director of USDA, NASS, Great Lakes Regional Office.
Farm real estate values in Indiana were up .3 percent from 2019. Indiana is in the Corn Belt region, which also includes Illinois, Iowa, Missouri and Ohio. The Corn Belt region value was $6,110 per acre, up slightly from 2019. The value of farmland in states bordering Indiana were: Illinois, $7,400 per acre; Kentucky, $3,920 per acre; Michigan, $4,950 per acre; and Ohio, $6,350 per acre.
Indiana's cropland value was $6,210 unchanged from the previous year. The Corn Belt region experienced a .2 percent decrease to $6,350 per acre. The average value of cropland in the United States remained steady from 2019 at $4,100 per acre. Indiana's pasture value was $2,400 per acre, down 2.0 percent from 2019.
Indiana's cropland cash rent was $194 per acre in 2020, with no change from the previous year. Cropland cash rents in the Corn Belt region decreased $1 from last year to $202 per acre. The cropland cash rents in the states bordering Indiana were: Illinois, $222 per acre; Kentucky, $146 per acre; Michigan, $128 per acre; and Ohio, $156 per acre.
Pasture cash rents in the Corn Belt region decreased 1.3 percent to $39 per acre. Pasture cash rent in the United States was $13 per acre.
Michigan
The 2020 average Michigan farm real estate value, including land and buildings, averaged $4,950 per acre, according to Marlo Johnson, regional director of USDA, NASS, Great Lakes Regional Office.
Farm real estate values in Michigan were down .2 percent from 2019. Michigan is in the Lake States region, which also includes Minnesota and Wisconsin. The Lakes States region value was $4,860 per acre, down .8 percent from 2019. The value of farm real estate in States bordering Michigan were: Wisconsin, $4,850 per acre; Ohio, $6,350 per acre; and Indiana, $6,600 per acre.
Michigan's cropland value decreased slightly from the previous year to $4,480 per acre. The Lake States region experienced a .6 percent decrease to $4,730 per acre. The average value of cropland in the United States remained steady from 2019 at $4,100 per acre. Michigan's pasture value was $2,600 per acre, up .4 percent from 2019.
Michigan's cropland cash rent was $128 per acre in 2020, up $1 from the previous year. Cropland cash rents in the Lake States remained unchanged from last year at $153 per acre. The cropland cash rents in the States bordering Michigan were: Wisconsin, $146 per acre; Ohio, $156 per acre; and Indiana, $194 per acre.
Pasture cash rents in the Lake States region decreased 12.7 percent to $27.50 per acre. Pasture cash rent in the United States was $13 per acre
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