United States Department of Agriculture National Agricultural Statistics Service Sp Sy 3 (05) Land Values and Cash Rents 2005 Summary August 2005 Table of Contents Page Agricultural Land Values Highlights. . . . . . . . . . . . .2 Agricultural Land Values Charts and Maps . . . . . . . . . .3 U. S. Average Farm Real Estate Value, Dollars per Acre, 1982-2005 2005 Farm Real Estate Value by State U. S. Average Cropland Value, Dollars per Acre, 1997-2005 2005 Cropland Value by State U. S. Average Pasture Value, Dollars per Acre, 1997-2005 2005 Pasture Value by State Farm Real Estate: Average Value per Acre, by Region and State, January 1, 2001-2005. . . . . . . . . . . . . . . . . . . . . . . . . .6 Cropland: Average Value per Acre, by Region and State, January 1, 2001-2005. . . . . . . . . . . . . . . . . . . . . . . . . .7 Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 2001-2005. . . . . . . . . . . . . . . . . .8 Pasture: Average Value per Acre, by Region and State, January 1, 2001-2005 . . . . . . . . . . . . . . . . . . . . . . . . 10 Agricultural Cash Rents Highlights . . . . . . . . . . . . 11 Agricultural Cash Rent Charts and Maps . . . . . . . . . . 12 U. S. Average Cropland Cash Rent, Dollars per Acre, 1998-2005 2005 Cropland Cash Rent by State U. S. Average Pasture Cash Rent, Dollars per Acre, 1998-2005 2005 Pasture Cash Rent by State Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2001-2005 . . . . . . . . . . . . . . . . . . . . . . 14 Pasture Rented for Cash: Average Cash Rent per Acre, by Region and State, 2001-2005 . . . . . . . . . . . . . . . . . . . . . . 16 Economic Regions . . . . . . . . . . . . . . . . . . . . . 17 Reliability of Data in this Report . . . . . . . . . . . . 18 Agricultural Land Values Highlights Farm real estate values, a measurement of the value of all land and buildings on farms, averaged $1,510 per acre on January 1, 2005, up 11.0 percent from 2004. This is the largest percentage increase since 1981, when farm real estate values rose 11.1 percent from the previous year. The $150 per acre increase is the largest dollar increase on record. The previous record was 1980, when values climbed $109 per acre above the 1979 value. Cropland and pasture values rose by 11.3 and 9.5 percent, respectively, from January 1, 2004. Cropland values averaged $1,970 per acre and pasture values averaged $694 per acre on January 1, 2005, compared with $1,770 and $634 per acre, respectively, a year earlier. The value of other land and buildings increased 11.9 percent. The increase in farm real estate values was driven by a combination of factors, including low interest rates, high commodity production and prices, and strong demand for nonagricultural land uses. Nationally, survey data indicated that agricultural land with potential for immediate development (expected land use if sold) was valued at more than $6,050 per acre. The survey also indicated that agricultural land with potential for future development was valued at nearly $5,400 per acre, about $1,400 higher than the 2004 indication. Demand for farm real estate as an investment continued to be strong. Regional increases in the average value of farm real estate ranged from 8.2 percent in the Delta and Southern Plains regions to 13.2 percent in the Northeast and Southeast Regions. The highest farm real estate values were in the Northeast region, where urban influences have pushed the average value to $4,020 per acre. In the Corn Belt region farm real estate values rose 10.9 percent, to $2,550 per acre. The Mountain region, with its expanse of pasture and rangeland, had the lowest farm real estate value, at $599 per acre. Cropland values in the Southeast region, at $2,960, had the highest average increase in cropland value, up $500 per acre. In the Corn Belt region cropland values rose 12.2 percent, to $2,750 per acre and the Lake States increased 9.4 percent, to $2,220 per acre. Together, the Corn Belt and Lake States regions account for nearly one-third of the U.S. total cropland acres. Pasture values in the Northeast and Appalachian regions had the highest average increase in pasture value, up $300 per acre. In the Northern Plains, Southern Plains, Mountain, and Pacific regions (17 western states) pasture values per acre respectively increased 16.5 percent, 11.4 percent, 14.6 percent, and 9.8 percent. Together, the 17 western states account for about 87 percent of the total pasture acres on farms in the 48 States. Farm Real Estate: Average Value per Acre, by Region and State, January 1, 2001-2005 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2001 : 2002 : 2003 : 2004 : 2005 : 04-05 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,830 3,000 3,200 *3,550 4,020 13.2 CT : 7,700 8,500 9,500 10,200 10,800 5.9 DE : 3,400 3,700 4,000 *6,000 8,400 40.0 ME : 1,500 1,600 1,750 1,850 1,950 5.4 MD : 3,800 4,000 4,150 *5,700 7,900 38.6 MA : 7,300 8,100 9,300 9,900 10,500 6.1 NH : 2,550 2,800 3,100 3,250 3,450 6.2 NJ : 8,100 8,600 9,100 9,750 10,300 5.6 NY : 1,520 1,610 1,700 1,780 1,880 5.6 PA : 3,000 3,250 3,450 3,650 4,000 9.6 RI : 7,700 8,300 9,300 10,200 11,200 9.8 VT : 1,800 1,900 2,050 2,150 2,300 7.0 Lake States: : 1,700 1,870 2,010 2,220 2,480 11.7 MI : 2,280 2,470 2,680 2,920 3,150 7.9 MN : 1,400 1,500 1,600 1,800 2,030 12.8 WI : 1,950 2,150 2,300 2,500 2,850 14.0 Corn Belt: : 1,950 2,030 2,130 2,300 2,550 10.9 IL : 2,290 2,350 2,430 2,610 2,900 11.1 IN : 2,350 2,460 2,570 2,770 3,050 10.1 IA : 1,850 1,920 2,010 2,200 2,490 13.2 MO : 1,300 1,380 1,470 1,580 1,740 10.1 OH : 2,470 2,600 2,740 2,930 3,180 8.5 Northern Plains: : 556 576 594 632 704 11.4 KS : 645 665 685 715 800 11.9 NE : 735 760 775 825 910 10.3 ND : 410 415 425 455 500 9.9 SD : 405 430 460 500 570 14.0 Appalachian: : 2,120 2,250 2,370 *2,560 2,860 11.7 KY : 1,750 1,830 1,900 2,000 2,200 10.0 NC : 2,680 2,900 3,100 3,300 3,570 8.2 TN : 2,200 2,300 2,400 2,500 2,700 8.0 VA : 2,380 2,530 2,700 *3,200 3,900 21.9 WV : 1,270 1,330 1,400 1,500 1,600 6.7 Southeast: : 2,030 2,140 2,270 2,420 2,740 13.2 AL : 1,640 1,700 1,760 1,860 2,050 10.2 FL : 2,600 2,720 2,900 3,100 3,700 19.4 GA : 1,900 2,050 2,200 2,350 2,590 10.2 SC : 1,800 1,900 2,050 2,150 2,330 8.4 Delta States: : 1,330 1,390 1,460 *1,580 1,710 8.2 AR : 1,350 1,410 1,480 *1,650 1,820 10.3 LA : 1,380 1,440 1,500 1,580 1,680 6.3 MS : 1,270 1,330 1,400 1,480 1,580 6.8 Southern Plains: : 715 755 788 832 900 8.2 OK : 655 680 705 745 805 8.1 TX : 730 775 810 855 925 8.2 Mountain: : 471 500 523 550 599 8.9 AZ 2/ : 1,250 1,400 1,500 1,600 1,750 9.4 CO : 675 700 730 775 845 9.0 ID : 1,200 1,240 1,280 1,360 1,480 8.8 MT : 350 370 390 410 445 8.5 NV 2/ : 450 465 480 500 550 10.0 NM 2/ : 240 250 260 265 290 9.4 UT 2/ : 975 1,040 1,100 1,150 1,230 7.0 WY : 270 285 300 315 350 11.1 Pacific: : 2,120 2,240 2,350 2,480 2,700 8.9 CA : 3,200 3,400 3,600 3,800 4,160 9.5 OR : 1,100 1,150 1,200 1,250 1,350 8.0 WA : 1,300 1,390 1,480 1,530 1,650 7.8 : 48 States 3/ : 1,150 1,210 1,270 1,360 1,510 11.0 -------------------------------------------------------------------------------- * Revised. 1/ See page 17 for definition of Regions. 2/ Excludes American Indian Reservation Land. 3/ Excludes Alaska and Hawaii. Cropland: Average Value per Acre, by Region and State, January 1, 2001-2005 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2001 : 2002 : 2003 : 2004 : 2005 : 04-05 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,820 3,210 3,400 *3,800 4,290 12.9 DE : 3,250 3,500 3,850 *5,700 8,000 40.4 MD : 3,700 3,900 4,000 *5,600 7,600 35.7 NJ : 8,700 9,000 9,300 9,900 10,500 6.1 NY : 1,250 1,320 1,390 1,470 1,530 4.1 PA : 3,180 3,350 3,500 *3,700 4,000 8.1 Oth Sts 2/ : 3,510 5,240 5,920 *6,230 6,610 6.1 Lake States: : 1,560 1,720 1,860 2,030 2,220 9.4 MI : 1,980 2,150 2,350 2,550 2,750 7.8 MN : 1,350 1,430 1,520 1,690 1,850 9.5 WI : 1,800 2,000 2,200 2,350 2,600 10.6 Corn Belt: : 2,100 2,180 2,270 *2,450 2,750 12.2 IL : 2,370 2,430 2,500 2,700 3,030 12.2 IN : 2,330 2,440 2,550 2,750 3,080 12.0 IA : 1,980 2,040 2,120 2,320 2,650 14.2 MO : 1,380 1,480 1,580 1,690 1,890 11.8 OH : 2,520 2,630 2,750 2,940 3,230 9.9 Northern Plains: : 700 720 737 *783 880 12.4 KS : 673 679 684 705 800 13.5 NE : 1,160 1,200 1,210 1,290 1,430 10.9 ND : 445 450 460 490 546 11.4 SD : 585 626 681 *747 847 13.4 Appalachian: : 2,210 2,340 2,490 *2,670 2,930 9.7 KY : 1,900 2,000 2,100 2,230 2,400 7.6 NC : 2,550 2,750 2,950 3,150 3,400 7.9 TN : 2,200 2,270 2,350 2,420 2,600 7.4 VA : 2,350 2,550 2,800 *3,300 4,000 21.2 WV : 1,800 1,920 2,050 2,200 2,350 6.8 Southeast: : 2,090 2,240 2,350 *2,460 2,960 20.3 AL : 1,530 1,600 1,700 1,800 2,200 22.2 FL : 3,720 3,730 3,690 *3,810 4,650 22.0 GA : 1,780 1,970 2,150 *2,260 2,730 20.8 SC : 1,450 1,600 1,750 1,850 2,050 10.8 Delta States: : 1,120 1,160 1,210 1,270 1,370 7.9 AR : 1,140 1,180 1,220 1,290 1,420 10.1 LA : 1,160 1,190 1,240 1,300 1,390 6.9 MS : 1,040 1,100 1,160 1,210 1,280 5.8 Southern Plains: : 753 808 863 *902 965 7.0 OK : 619 643 668 *697 745 6.9 TX : 805 871 937 *981 1,050 7.0 Mountain: : 1,030 1,120 1,170 *1,200 1,260 5.0 AZ 3/ : 4,800 5,600 6,000 6,400 6,790 6.1 CO : 966 999 1,050 *1,060 1,110 4.7 ID : 1,530 1,600 1,680 *1,710 1,840 7.6 MT : 493 503 520 *548 586 6.9 NV 3/ : 1,850 1,850 1,900 1,950 2,070 6.2 NM 3/ : 1,420 1,440 1,470 *1,450 1,450 0.0 UT 3/ : 2,790 2,880 2,960 *2,900 2,900 0.0 WY : 872 915 957 *972 1,010 3.9 Pacific: : 3,310 3,410 3,500 *3,570 3,880 8.7 CA : 5,550 5,730 5,920 *6,020 6,590 9.5 OR : 1,600 1,650 1,670 *1,690 1,800 6.5 WA : 1,430 1,450 1,470 *1,510 1,610 6.6 : 48 States 4/ : 1,510 1,590 1,660 *1,770 1,970 11.3 -------------------------------------------------------------------------------- * Revised. 1/ See page 17 for definition of Regions. 2/ Includes: CT, ME, MA, NH, RI, and VT. 3/ Excludes American Indian Reservation Land. 4/ Excludes Alaska and Hawaii. Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 2001-2005 1/ -------------------------------------------------------------------------------- Region, State, : : : : : : Change and Land Type : 2001 : 2002 : 2003 : 2004 : 2005 : 04-05 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Corn Belt: : MO All Cropland : 1,380 1,480 1,580 1,690 1,890 11.8 Irrigated : 2,000 2,070 2,150 2,250 2,470 9.8 Non-Irrigated : 1,340 1,440 1,540 1,650 1,850 12.1 : Northern Plains: : KS All Cropland : 673 679 684 705 800 13.5 Irrigated : 1,060 1,080 1,080 1,110 1,200 8.1 Non-Irrigated : 635 640 645 665 760 14.3 : NE All Cropland : 1,160 1,200 1,210 1,290 1,430 10.9 Irrigated : 1,600 1,630 1,650 1,750 1,890 8.0 Non-Irrigated : 930 980 980 1,050 1,200 14.3 : SD All Cropland : 585 626 681 *747 847 13.4 Irrigated : 875 950 1,000 1,080 1,200 11.1 Non-Irrigated : 580 620 675 740 840 13.5 : Southeast: : FL All Cropland : 3,720 3,730 3,690 *3,810 4,650 22.0 Irrigated : 4,280 4,330 4,180 4,400 5,500 25.0 Non-Irrigated : 2,530 2,460 2,670 2,850 3,500 22.8 : GA All Cropland : 1,780 1,970 2,150 *2,260 2,730 20.8 Irrigated : 1,700 1,800 1,900 2,100 2,650 26.2 Non-Irrigated : 1,800 2,000 2,200 2,300 2,750 19.6 : Delta States: : AR All Cropland : 1,140 1,180 1,220 1,290 1,420 10.1 Irrigated : 1,260 1,310 1,350 1,450 1,600 10.3 Non-Irrigated : 1,030 1,070 1,100 1,150 1,270 10.4 : LA All Cropland : 1,160 1,190 1,240 1,300 1,390 6.9 Irrigated : 1,020 1,050 1,070 1,150 1,240 7.8 Non-Irrigated : 1,200 1,230 1,280 1,340 1,430 6.7 : MS All Cropland : 1,040 1,100 1,160 1,210 1,280 5.8 Irrigated : 1,150 1,190 1,230 1,280 1,360 6.3 Non-Irrigated : 1,010 1,080 1,140 1,190 1,260 5.9 : Southern Plains: : OK All Cropland : 619 643 668 *697 745 6.9 Irrigated : 800 805 820 850 910 7.1 Non-Irrigated : 610 635 660 690 738 7.0 : TX All Cropland : 805 871 937 *981 1,050 7.0 Irrigated : 900 950 1,000 1,050 1,130 7.6 Non-Irrigated : 780 850 920 965 1,040 7.8 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, 2001-2005 1/ 2/ (continued) -------------------------------------------------------------------------------- Region, State, : : : : : : Change and Land Type : 2001 : 2002 : 2003 : 2004 : 2005 : 04-05 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Mountain: : AZ All Cropland : 4,800 5,600 6,000 6,400 6,790 6.1 Irrigated : 4,800 5,600 6,000 6,400 6,790 6.1 : CO All Cropland : 966 999 1,050 *1,060 1,110 4.7 Irrigated : 1,870 1,910 2,000 2,100 2,350 11.9 Non-Irrigated : 480 510 540 580 625 7.8 : ID All Cropland : 1,530 1,600 1,680 *1,710 1,840 7.6 Irrigated : 1,980 2,080 2,200 2,330 2,600 11.6 Non-Irrigated : 740 760 780 800 870 8.8 : MT All Cropland : 493 503 520 *548 586 6.9 Irrigated : 1,470 1,510 1,580 *1,680 1,800 7.1 Non-Irrigated : 355 360 370 *400 440 10.0 : NV All Cropland : 1,850 1,850 1,900 1,950 2,070 6.2 Irrigated : 1,850 1,850 1,900 1,950 2,070 6.2 : NM All Cropland : 1,420 1,440 1,470 *1,450 1,450 0.0 Irrigated : 2,550 2,600 2,650 *3,000 3,370 12.3 Non-Irrigated : 260 265 270 *270 300 11.1 : UT All Cropland : 2,790 2,880 2,960 *2,900 2,900 0.0 Irrigated : 3,300 3,400 3,500 *3,800 4,200 10.5 Non-Irrigated : 725 750 775 *850 950 11.8 : WY All Cropland : 872 915 957 *972 1,010 3.9 Irrigated : 1,050 1,100 1,150 *1,300 1,500 15.4 Non-Irrigated : 275 295 310 *340 380 11.8 : Pacific: : CA All Cropland : 5,550 5,730 5,920 *6,020 6,590 9.5 Irrigated : 5,900 6,100 6,300 6,600 7,450 12.9 Non-Irrigated : 1,900 1,950 2,000 2,130 2,400 12.7 : OR All Cropland : 1,600 1,650 1,670 *1,690 1,800 6.5 Irrigated : 2,150 2,200 2,250 2,350 2,580 9.8 Non-Irrigated : 1,150 1,200 1,200 1,250 1,360 8.8 : WA All Cropland : 1,430 1,450 1,470 *1,510 1,610 6.6 Irrigated : 3,200 3,200 3,200 3,300 3,550 7.6 Non-Irrigated : 900 925 950 990 1,060 7.1 -------------------------------------------------------------------------------- * Revised. 1/ Only States with significant irrigated acreage appear in this table. 2/ See page 17 for definition of Regions. Pasture: Average Value per Acre, by Region and State, January 1, 2001-2005 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2001 : 2002 : 2003 : 2004 : 2005 : 04-05 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 1,940 2,090 2,190 *2,470 2,770 12.1 MD : 3,450 3,500 3,650 *5,500 7,300 32.7 NJ : 9,500 9,700 10,000 10,600 11,300 6.6 NY : 640 680 720 775 825 6.5 PA : 1,750 1,800 1,850 2,000 2,200 10.0 Oth Sts 2/ : 3,230 3,590 3,880 *4,140 4,480 8.2 Lake States: : 802 889 953 *1,050 1,200 14.3 MI : 1,300 1,450 1,600 1,800 1,950 8.3 MN : 525 575 625 700 810 15.7 WI : 950 1,050 1,100 1,200 1,400 16.7 Corn Belt: : 990 1,050 1,120 1,200 1,330 10.8 IL : 1,010 1,030 1,060 1,110 1,240 11.7 IN : 1,470 1,560 1,660 1,780 1,900 6.7 IA : 730 760 800 880 1,000 13.6 MO : 910 980 1,050 1,130 1,260 11.5 OH : 1,750 1,860 1,950 2,100 2,240 6.7 Northern Plains: : 241 249 258 *279 325 16.5 KS : 390 400 410 430 500 16.3 NE : 240 245 255 275 310 12.7 ND : 160 165 170 185 210 13.5 SD : 200 210 220 240 290 20.8 Appalachian: : 1,820 1,910 2,000 *2,200 2,500 13.6 KY : 1,410 1,440 1,460 1,530 1,700 11.1 NC : 2,640 2,830 3,010 3,200 3,430 7.2 TN : 2,150 2,250 2,350 2,450 2,620 6.9 VA : 2,000 2,100 2,250 *2,800 3,500 25.0 WV : 1,060 1,120 1,200 1,280 1,380 7.8 Southeast: : 1,760 1,870 2,010 2,150 2,400 11.6 AL : 1,250 1,300 1,350 1,420 1,550 9.2 FL : 1,850 1,950 2,100 2,250 2,600 15.6 GA : 2,280 2,500 2,750 2,950 3,150 6.8 SC : 1,630 1,750 1,900 2,000 2,150 7.5 Delta States: : 1,100 1,170 1,230 1,300 1,510 16.2 AR : 1,070 1,150 1,210 1,300 1,570 20.8 LA : 1,240 1,270 1,310 1,350 1,500 11.1 MS : 1,050 1,130 1,200 1,270 1,420 11.8 Southern Plains: : 556 571 590 *624 695 11.4 OK : 425 435 450 475 550 15.8 TX : 585 600 620 655 725 10.7 Mountain: : 257 273 285 *302 346 14.6 AZ 3/ : 400 450 470 500 600 20.0 CO : 390 410 430 *470 555 18.1 ID : 700 700 700 725 805 11.0 MT : 240 255 270 285 320 12.3 NV 3/ : 245 250 255 260 295 13.5 NM 3/ : 150 155 160 *170 195 14.7 UT 3/ : 450 475 500 520 630 21.2 WY : 200 210 220 *235 270 14.9 Pacific: : 849 901 952 *1,020 1,120 9.8 CA : 1,300 1,400 1,500 1,600 1,750 9.4 OR : 430 440 450 470 510 8.5 WA : 500 510 520 540 585 8.3 : 48 States 4/ : 557 577 605 *634 694 9.5 -------------------------------------------------------------------------------- * Revised. 1/ See page 17 for definition of Regions. 2/ Includes: CT, DE, ME, MA, NH, RI, and VT. 3/ Excludes American Indian Reservation Land. 4/ Excludes Alaska and Hawaii. Agricultural Cash Rents Highlights Nationally, Cash Rents per acre paid to landlords for cropland rose 2.0 percent while pasture rents increased 7.3 percent for the 2005 crop and grazing year. Cropland cash rents paid in 2005 averaged $78.00 per acre, compared with $76.50 per acre for 2004. Pasture cash rents averaged $10.30 per acre, 70 cents higher than the $9.60 per acre in 2004. The increases in cropland and pasture rental rates continue to reflect producers' optimism following the combination of high production and price levels of major U.S. agricultural commodities in 2004. Cropland cash rents reported in 2005 increased in all regions except the Mountain region, where rental rates declined 50 cents to $62.00 per acre. The Southern Plains region, at $30.50 per acre, was unchanged. In the remaining regions, increases in cropland cash rents varied from 2.4 percent in the Lake States to 7.9 percent in the Southeast region. The Corn Belt and Northern Plains regions, which together accounted for slightly more than one half of cash-rented cropland acreage, increased 2.6 and 6.0 percent, respectively, from 2004. Cropland cash rents increased $3.00 per acre, to $117.00, in the Corn Belt and $3.00 per acre, to $53.00, in the Northern Plains. The major corn and soybean producing States of Illinois, Indiana, and Iowa experienced increases ranging from 1.9 to 4.0 percent for cropland cash rents. Illinois and Iowa cropland cash rents averaged $129.00 and $131.00 per acre, respectively. Pasture cash rents declined 10 cents to $19.00 per acre in the Southeast while the Northeast and Pacific regions were unchanged from a year earlier. In the Northern Plains and Southern Plains regions, which account for two-thirds of the cash-rented pasture acreage, rental rates were up 1.7 percent and 3.7 percent, respectively. Wisconsin, at $38.00 per acre, continues to lead the Nation with the highest per acre pasture rent. Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2001-2005 1/ 2/ -------------------------------------------------------------------------------- Region, State, : : : : : and Land Type : 2001 : 2002 : 2003 : 2004 : 2005 -------------------------------------------------------------------------------- : Dollars : Northeast: : 42.00 41.00 42.00 44.50 46.00 DE : 57.50 56.30 57.00 *61.00 64.00 MD : 55.50 55.50 55.50 59.00 62.00 NJ : 47.00 47.00 47.00 47.50 47.50 NY : 33.00 35.00 37.00 40.00 41.00 PA : 42.00 40.00 41.00 43.00 45.00 : Lake States: : 73.00 74.00 74.50 76.20 78.00 MI : 60.00 60.00 60.00 62.00 62.00 MN : 80.50 81.00 82.00 83.50 86.50 WI : 66.00 67.00 68.00 70.00 70.00 : Corn Belt: : 106.00 108.00 110.00 114.00 117.00 IL : 119.00 122.00 123.00 126.00 129.00 IN : 100.00 101.00 103.00 107.00 109.00 IA : 117.00 120.00 122.00 126.00 131.00 MO : Non-Irrigated : 65.00 66.00 70.00 76.00 79.00 OH : 76.50 77.00 78.00 80.00 82.00 : Northern Plains: : 47.00 47.00 48.00 50.00 53.00 KS : 39.00 39.00 39.00 41.00 42.00 Irrigated : 72.00 70.00 68.00 72.00 73.00 Non-irrigated : 36.00 36.00 36.00 37.50 38.50 NE : 88.00 90.00 92.00 95.00 97.00 Irrigated : 117.00 121.00 123.00 125.00 127.00 Non-Irrigated : 65.00 66.00 67.00 70.00 71.00 ND : 36.00 36.50 36.50 37.50 39.00 SD : Non-Irrigated : 40.00 42.00 45.00 47.50 50.40 : Appalachian: : 52.00 51.00 52.00 55.00 58.00 KY : 72.00 68.00 70.00 72.00 73.00 NC : 48.00 49.50 51.00 53.00 55.00 TN : 59.50 60.50 62.00 67.00 67.00 VA : 36.50 36.00 36.50 39.00 40.00 WV : 26.00 27.00 28.00 30.00 28.00 : Southeast: : 46.00 45.00 44.00 44.50 48.00 AL : 36.00 36.00 35.00 *33.00 40.00 FL : Non-Irrigated : 32.00 32.00 32.00 34.00 37.00 GA : 55.00 55.00 56.00 58.00 58.00 Irrigated : 103.00 103.00 105.00 110.00 115.00 Non-Irrigated : 38.00 39.00 40.00 42.00 41.00 SC : 27.50 28.50 28.50 28.50 29.00 : Delta States: : 64.00 64.00 65.00 68.50 70.50 AR : 67.00 69.00 71.00 75.00 76.00 Irrigated : 78.00 80.00 78.00 86.00 86.00 Non-Irrigated : 48.00 53.00 55.00 59.00 58.00 LA : 62.00 62.00 62.00 66.00 66.00 Irrigated : 74.00 73.00 68.00 76.00 70.00 Non-Irrigated : 56.00 57.00 59.00 62.00 62.00 MS : 62.00 62.00 63.00 66.00 69.00 Irrigated : 79.00 79.00 78.00 85.00 96.00 Non-Irrigated : 54.00 54.00 56.00 58.00 60.00 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2001-2005 1/ 2/ (continued) -------------------------------------------------------------------------------- Region, State, : : : : : and Land Type : 2001 : 2002 : 2003 : 2004 : 2005 -------------------------------------------------------------------------------- : Dollars : Southern Plains: : 27.80 27.60 28.00 30.50 30.50 OK : Non-Irrigated : 27.00 27.00 27.50 30.00 29.00 TX : 27.00 27.00 27.30 29.80 29.70 Irrigated : 53.00 53.00 55.00 56.00 57.50 Non-Irrigated : 21.00 21.00 21.00 23.70 23.00 : Mountain: : 61.00 60.00 60.50 62.50 62.00 AZ : Irrigated : 135.00 135.00 135.00 150.00 165.00 CO : 65.00 65.00 60.00 58.00 61.00 Irrigated : 100.00 95.00 93.00 91.00 100.00 Non-Irrigated : 22.00 22.50 23.00 22.00 23.00 ID : 95.00 96.00 97.00 99.00 104.00 Irrigated : 115.00 116.00 116.00 118.00 124.00 Non-Irrigated : 48.00 50.00 51.00 53.00 55.00 MT : 24.50 24.00 24.00 24.50 25.00 Irrigated : 46.00 47.00 48.00 49.00 53.00 Non-Irrigated : 18.00 18.50 18.50 18.90 19.50 UT : Irrigated : 58.00 60.00 61.00 61.00 65.00 : Pacific: : 185.00 180.00 180.00 180.00 185.00 CA : Irrigated : 310.00 310.00 300.00 300.00 330.00 OR : 90.00 95.00 98.00 100.00 100.00 Irrigated : 110.00 115.00 120.00 125.00 130.00 Non-Irrigated : 70.00 67.50 65.00 65.00 70.00 WA : Irrigated : 165.00 170.00 175.00 185.00 190.00 : 48 States 3/ : 71.00 71.60 73.00 76.50 78.00 -------------------------------------------------------------------------------- * Revised. 1/ Unless otherwise specified as irrigated or non-irrigated, data are for all cropland. 2/ See page 17 for definition of Regions. 3/ Excludes Alaska and Hawaii. Pasture Rented for Cash: Average Cash Rent per Acre, by Region and State, 2001-2005 1/ -------------------------------------------------------------------------------- Region and State : 2001 : 2002 : 2003 : 2004 : 2005 -------------------------------------------------------------------------------- : Dollars : Northeast: : 23.00 22.00 23.00 24.00 24.00 PA : 32.00 28.00 25.00 25.00 27.00 : Lake States: : 22.00 23.00 23.50 24.50 26.90 MN : 19.00 19.00 19.00 19.50 20.50 WI : 36.00 36.00 36.00 37.00 38.00 : Corn Belt: : 26.50 27.00 27.00 29.00 30.50 IL : 33.00 32.00 32.50 34.00 34.50 IA : 30.00 30.50 31.00 32.50 36.00 MO : 22.50 23.00 23.50 26.00 27.00 : Northern Plains: : 11.40 11.10 11.20 11.80 12.00 KS : 12.60 12.60 12.60 13.20 13.40 NE : 11.30 11.20 11.50 12.00 12.00 ND : 9.80 9.70 9.80 10.20 10.60 SD : 11.00 10.90 11.00 11.60 12.30 : Appalachian: : 19.00 18.00 18.00 19.10 21.00 NC : 22.00 21.50 22.00 23.00 25.00 TN : 18.00 17.00 17.50 19.00 18.00 VA : 16.50 16.00 16.50 17.50 20.00 : Southeast: : 17.40 18.00 18.50 19.10 19.00 AL : 18.00 18.00 18.00 *18.00 17.50 FL : 15.00 16.00 17.00 17.50 18.50 GA : 23.00 23.00 23.00 24.00 22.00 : Delta States: : 15.50 16.20 16.00 16.60 17.00 LA : 16.00 16.00 15.00 15.50 16.50 MS : 16.00 17.00 16.00 16.50 16.50 : Southern Plains: : 7.50 7.70 8.00 8.10 8.40 OK : 8.30 8.50 8.50 9.00 9.00 TX : 7.20 7.40 7.80 7.80 8.30 : Mountain: : 3.80 3.50 3.40 3.60 3.80 CO : 4.80 4.00 3.50 3.70 4.30 MT : 4.50 4.70 4.50 5.00 5.90 NM : 1.60 1.60 1.60 1.70 1.80 UT : 13.00 10.00 9.00 10.00 9.00 WY : 3.50 3.80 3.50 4.00 4.00 : Pacific: : 13.00 13.00 12.50 13.50 13.50 CA : 11.00 11.00 10.60 11.50 12.00 : 48 States 2/ : 9.20 9.20 9.00 9.60 10.30 -------------------------------------------------------------------------------- * Revised. 1/ See page 17 for definition of Regions. 2/ Excludes Alaska and Hawaii. Economic Regions: Northeast: . . .. . .CT, DE, ME, MD, MA, NH, NJ, NY, PA, RI, VT. Lake States: . .. . .MI, MN, WI. Corn Belt: . . .. . .IL, IN, IA, MO, OH. Northern Plains:. . .. . .KS, NE, ND, SD. Appalachian: . .. . .KY, NC, TN, VA, WV. Southeast: . . .. . .AL, FL, GA, SC. Delta States:. .. . .AR, LA, MS. Southern Plains:. . .. . .OK, TX. Mountain:. . . .. . .AZ, CO, ID, MT, NV, NM, UT, WY. Pacific: . . . .. . .CA, OR, WA. Reliability of Land Values and Cash Rents in this Report Survey Procedures: The estimates of land values and cash rents in this report are based primarily on the June Area Survey, conducted during the first 2 weeks of June. This annual survey uses a complete, probability-based land-area sampling frame. In 2005, the survey included a stratified sample of 11,114 land areas (segments), averaging approximately 1 square mile in size. Enumerators collecting data for the June area survey contact all agricultural producers operating land within the boundaries of the sampled land segments and record land value information for crop and pasture land within these segments. They also collect an estimated value of all land and buildings for the operator's entire farming operation and the estimated percent change from the previous year. In addition to land values, enumerators collect information on acres of crop and pasture land rented for cash and the per acre cash rent paid. Survey reported data are reviewed for reasonableness and consistency by comparing with other data reported in the survey and with data reported within the segment the previous year. Estimating Procedures: Once the data are summarized, each Field Office (FO) conducts an analysis of the summarized indications and any other available information for their State. FOs then set estimates for land values and cash rents and submit these recommendations along with their assessment of survey and other administrative information to the Agricultural Statistics Board (ASB). Survey data are also summarized for Regional and National levels and reviewed independently of each State's review. National and Regional targets are established by the ASB prior to submission of FO recommendations. After FO recommendations are submitted, the ASB reviews the FO estimates and supporting comments, and any conflicts with targeted Regional and National levels are resolved. State level estimates are used to develop Regional and National estimates for land values and cash rents. The State estimates are weighted by the amount of cropland and pasture land in each state, based on the most recent Censuses of Agriculture. NASS considers cropland pastured to be cropland for the purposes of this report. This is a change from previous reports when it was considered pasture land. NASS will transition from the 1997 census weights to the 2002 census weights over the next four years. Revision Policy: For non-census years, land value and cash rent estimates are subject to an annual revision the following year. After the 5-year Census of Agriculture is completed, estimates for the non-census years are subject to a final historic revision. The basis for revision must be supported by additional data that directly affect the level of the estimate. Reliability: The June Area Survey from which land value and cash rent estimates are made is subject to sampling and non-sampling errors that are common to all surveys. Both types of error affect the "accuracy" of the estimates. Sampling error occurs because a complete census is not taken. The sampling error measures the variation in estimates from the average of all possible samples. An estimate of 100 with a sampling error of 1.0 would mean that chances are 19 out of 20 (95 percent confidence interval) that the estimates from all possible samples averaged together would be between 98 and 102 (the survey indication plus or minus two times the sampling error). The sampling errors from the 2005 area frame survey are listed below: U.S. Regions (range low to high) Farm Real Estate Value (%) 1.6 1.1 to 8.4 All Cropland Value (%) 2.1 1.0 to 12.4 Irrigated Cropland (%) 6.8 1.4 to 15.5 Non-irrigated Cropland (%) 2.2 1.5 to 16.9 Pasture Value (%) 3.0 2.3 to 16.8 Cropland Cash Rent (%) 1.4 0.6 to 15.9 Pasture Cash Rent (%) 5.7 2.4 to 38.2 Sampling errors cannot be applied directly to the values published in this report to determine confidence intervals since the official estimates represent a composite of information from more than a single source. Non-sampling errors cannot be measured directly and can occur in complete censuses as well as sample surveys. They are caused by the inability to obtain correct information from each person sampled, differences in interpreting questions or definitions, and mistakes in coding or processing data. To minimize non-sampling errors, vigorous quality controls are used in the data collection process and all data are carefully reviewed for consistency and reasonableness. Released August 5, 2005, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, U.S. Department of Agriculture. For information on Land Values and Cash Rents 2005 Summary call Jim Williams or Kevin Hintzman at (202) 720-6146, office hours 7:30 a.m. to 4:00 p.m. ET. ACCESS TO REPORTS!! For your convenience, there are several ways to obtain NASS reports, data products, and services: INTERNET ACCESS All NASS reports are available free of charge on the worldwide Internet. For access, connect to the Internet and go to the NASS Home Page at: www.usda.gov/nass/. 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