Farm Real Estate Values Up 13%
Published: Friday, August 12, 2022
The 2022 average Indiana farm real estate value, including land and buildings, averaged $8,000 per acre, according to Nathanial Warenski, state statistician of USDA, NASS, Indiana Field Office.
Farm real estate values in Indiana were up 12.7 percent from 2021. Indiana is in the Corn Belt region, which also includes Illinois, Iowa, Missouri and Ohio. The Corn Belt region value was $7,560 per acre, up 14.9 percent from 2021.
The value of farmland in states bordering Indiana were: Illinois, $8,900 per acre; Kentucky, $4,350 per acre; Michigan, $5,850 per acre; and Ohio, $7,200 per acre.
Indiana's cropland value was $7,750, up 14 percent from the previous year. The Corn Belt region experienced a 15.3 percent increase to $7,930 per acre. The average value of cropland in the United States increased 14.3 percent from 2021 to $5,050 per acre. Indiana's pasture value was $2,700 per acre, up 8.4 percent from 2021.
Indiana's cropland cash rent was $212 per acre in 2022, up $12 from the previous year. Cropland cash rents in the Corn Belt region increased $17 from last year to $223 per acre. The cropland cash rents in the states bordering Indiana were: Illinois, $243 per acre; Kentucky, $157 per acre; Michigan, $144 per acre; and Ohio, $170 per acre.
Pasture cash rents in the Corn Belt region increased $1.50 to $41.50 per acre. Pasture cash rent in the United States was $14 per acre.
Michigan
The 2022 average Michigan farm real estate value, including land and buildings, averaged $5,850 per acre, according to Marlo D. Johnson, regional director of USDA, NASS, Great Lakes Regional Office.
Farm real estate values in Michigan were up 10.4 percent from 2021. Michigan is in the Lake States region, which also includes Minnesota and Wisconsin. The Lakes States region value was $5,960 per acre, up 13.7 percent from 2021.
The value of farm real estate in states bordering Michigan were: Wisconsin, $5,700 per acre; Ohio, $7,200 per acre; and Indiana, $8,000 per acre.
Michigan's cropland value increased 12.8 percent from the previous year to $5,300 per acre. The Lake States region experienced a 15.7 percent increase to $5,970 per acre. The average value of cropland in the United States increased 14.3 percent from 2021 to $5,050 per acre. Michigan's pasture value was $2,900 per acre, up 5.8 percent from 2021.
Michigan's cropland cash rent was $144 per acre in 2022, up $6 from the previous year. Cropland cash rents in the Lake States increased $8 from last year to $170 per acre. The cropland cash rents in the states bordering Michigan were: Wisconsin, $149 per acre; Ohio, $170 per acre; and Indiana, $212 per acre.
Pasture cash rents in the Lake States region remained steady at $30 per acre. Pasture cash rent in the United States was $14 per acre.
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