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Trends in U.S. Farmland Values and Ownership

Author

Listed:
  • Nickerson, Cynthia
  • Morehart, Mitchell
  • Kuethe, Todd
  • Beckman, Jayson
  • Ifft, Jennifer
  • Williams, Ryan

Abstract

Because farm real estate represents much of the value of U.S. farm sector assets, large swings in farmland values can affect the fi nancial well-being of agricultural producers. This report examines both macroeconomic (interest rates, prices of alternative investments) and parcel-specifi c (soil quality, government payments, proximity to urban areas) factors that affect farmland values. In the last few years, U.S. farmland values have been supported by strong farm earnings, which have helped the farm sector in many regions to withstand the residential housing downturn. Historically low interest rates are likely a signifi cant contributor to farming’s current ability to support higher land values. About 40 percent of U.S. farmland has been rented over the last 25 years. Non-operators (landowners who do not themselves farm) owned 29 percent of land in farms in 2007, though that proportion has declined since 1992.

Suggested Citation

  • Nickerson, Cynthia & Morehart, Mitchell & Kuethe, Todd & Beckman, Jayson & Ifft, Jennifer & Williams, Ryan, 2012. "Trends in U.S. Farmland Values and Ownership," Economic Information Bulletin 291935, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uersib:291935
    DOI: 10.22004/ag.econ.291935
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    Citations

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    Cited by:

    1. Thiago Lima, 2015. "Agricultural Subsidies for Non-farm Interests: An Analysis of the US Agro-industrial Complex," Agrarian South: Journal of Political Economy, Centre for Agrarian Research and Education for South, vol. 4(1), pages 54-84, April.
    2. Pavel Ciaian & Edoardo Baldoni & d'Artis Kancs & Dušan Drabik, 2021. "The Capitalization of Agricultural Subsidies into Land Prices," Annual Review of Resource Economics, Annual Reviews, vol. 13(1), pages 17-38, October.
    3. Sampson, Gabriel & Gardner, Grant, 2021. "Land Value Impacts of Ethanol Market Expansion Differ by Irrigation Status," 2021 Annual Meeting, August 1-3, Austin, Texas 313854, Agricultural and Applied Economics Association.
    4. Marten Graubner, 2018. "Lost in space? The effect of direct payments on land rental prices," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 45(2), pages 143-171.
    5. Georgeanne M. Artz & Kevin D. Duncan & Arthur P. Hall & Peter F. Orazem, 2016. "Do State Business Climate Indicators Explain Relative Economic Growth At State Borders?," Journal of Regional Science, Wiley Blackwell, vol. 56(3), pages 395-419, June.
    6. Ariel Ortiz‐Bobea, 2020. "The Role of Nonfarm Influences in Ricardian Estimates of Climate Change Impacts on US Agriculture," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(3), pages 934-959, May.
    7. Adewale Henry Adenuga & Claire Jack & Ronan McCarry, 2021. "The Case for Long-Term Land Leasing: A Review of the Empirical Literature," Land, MDPI, vol. 10(3), pages 1-21, March.
    8. Mauritzen, Johannes, 2020. "Will the locals benefit?," Energy Policy, Elsevier, vol. 142(C).
    9. Li, Xin, 2016. "The Farmland Valuation Revisited," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 4(2), pages 1-14, April.
    10. Gardner, Grant & Sampson, Gabriel S., 2022. "Land Value Impacts of Ethanol Market Expansion by Irrigation Status," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 47(3), September.
    11. Burnett, J. Wesley & Lacombe, Donald J. & Wallander, Steven, . "Spatial and Temporal Spillovers in US Cropland Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 49(1).
    12. Ifft, Jennifer & Patrick, Kevin & Novini, Amirdara, 2014. "Debt Use By U.S Farm Businesses, 1992-2011," Economic Information Bulletin 165912, United States Department of Agriculture, Economic Research Service.
    13. Su, Tian & Dharmasena, Senarath & Leatham, David J. & Gilliland, Charles E, 2022. "Examining Joint Influence of Agricultural and Urban Factors on Texas Rural Land Values," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322504, Agricultural and Applied Economics Association.
    14. Eugenio Demartini & Anna Gaviglio & Marco Gelati & Daniele Cavicchioli, 2016. "The Effect of Biogas Production on Farmland Rental Prices: Empirical Evidences from Northern Italy," Energies, MDPI, vol. 9(11), pages 1-23, November.

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