Sp Sy 3 (07) United States Department of Agriculture National Agricultural Statistics Service Land Values and Cash Rents 2007 Summary August 2007 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, 1998-2007 2007 Farm Real Estate Value by State U. S. Average Cropland Value, Dollars per Acre, 1998-2007 2007 Cropland Value by State U. S. Average Pasture Value, Dollars per Acre, 1998-2007 2007 Pasture Value by State Farm Real Estate: Average Value per Acre, by Region and State, January 1, 2003-2007 .......................................... 6 Cropland: Average Value per Acre, by Region and State, January 1, 2003-2007 ....................................................... 7 Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 2003-2007........................................... 8 Pasture: Average Value per Acre, by Region and State, January 1, 2003-2007 ....................................................... 10 Farm Real Estate: Value of Farmland and Buildings, by Region and State, January 1, 2002-2006................... 11 Agricultural Cash Rents Highlights............................... 12 Agricultural Cash Rent Charts and Maps........................... 13 U. S. Average Cropland Cash Rent, Dollars per Acre, 1998-2007 2007 Cropland Cash Rent by State U. S. Average Pasture Cash Rent, Dollars per Acre, 1998-2007 2007 Pasture Cash Rent by State Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2003-2007 ..................................................... 15 Pasture Rented for Cash: Average Cash Rent per Acre, by Region and State, 2003-2007 ..................................................... 17 Economic Regions ................................................... 18 Reliability of Data in this Report ................................. 19 Agricultural Land Values Highlights Farm real estate values, a measurement of the value of all land and buildings on farms, averaged $2,160 per acre on January 1, 2007, up 14 percent from 2006. The $2,160 per acre is a record high and $260 more than a year earlier. Both cropland and pasture values for 2007 are record highs. Cropland values rose by 13 percent to $2,700 per acre, up from the previous high of $2,390 in 2006. Pasture value rose by 16 percent to $1,160 per acre. The increase in farm real estate values continues to be driven by a combination of many factors, which include strong commodity prices and farm programs, outside investments, favorable interest rates and tax incentives, and continued commercial and residential development. Livestock prices and recreational use remain the predominant influences that increase pasture land values. Regional increases in the average value of farm real estate ranged from 9 percent in the Southeast region to 18 percent in the Mountain region. The highest farm real estate values remained in the Northeast region, where development pressure continued to push the average value to $5,000 per acre. The Northern Plains region had the lowest farm real estate value, at $961 per acre, up 14 percent from the previous year. The Lake region had the highest percentage increase in cropland value, up 15.7 percent from 2006. In the Corn Belt region cropland values rose 15 percent, to $3,720 per acre. The Southern Plains region also increased 15 percent from the previous year, to $1,330 per acre. The Pacific region had the highest average percentage increase in pasture value, 29 percent above 2006. In the Southern Plains and Mountain regions, which account for more than half of the pasture in the U.S., pasture values per acre increased 25 percent and 18 percent, respectively. Farm Real Estate: Average Value per Acre, by Region and State, January 1, 2003-2007 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2003 : 2004 : 2005 : 2006 : 2007 : 06-07 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 3,200 3,550 4,110 4,550 5,000 9.9 CT : 9,500 10,200 10,800 11,400 11,700 2.6 DE : 4,000 6,000 8,400 10,200 10,400 2.0 ME : 1,750 1,850 1,950 2,050 2,150 4.9 MD : 4,150 5,700 7,900 8,900 9,250 3.9 MA : 9,300 9,900 10,500 11,600 11,800 1.7 NH : 3,100 3,250 3,450 3,700 4,000 8.1 NJ : 9,100 9,750 10,500 10,900 11,300 3.7 NY : 1,700 1,780 1,920 2,050 2,220 8.3 PA : 3,450 3,650 4,220 4,790 5,670 18.4 RI : 9,300 10,200 11,200 12,500 12,500 0.0 VT : 2,050 2,150 2,300 2,450 2,700 10.2 Lake States: : 2,010 2,220 2,520 2,840 3,300 16.2 MI : 2,680 2,920 3,150 3,500 3,950 12.9 MN : 1,600 1,800 2,100 2,400 2,780 15.8 WI : 2,300 2,500 2,850 3,200 3,800 18.8 Corn Belt: : 2,130 2,300 2,720 *3,050 3,450 13.1 IL : 2,430 2,610 3,330 3,800 4,330 13.9 IN : 2,570 2,770 3,140 3,630 4,000 10.2 IA : 2,010 2,200 2,650 2,930 3,400 16.0 MO : 1,470 1,580 1,790 1,980 2,280 15.2 OH : 2,740 2,930 3,180 *3,490 3,800 8.9 Northern Plains: : 594 632 735 *840 961 14.4 KS : 685 715 850 *940 1,090 16.0 NE : 775 825 940 1,090 1,230 12.8 ND : 425 455 505 *575 650 13.0 SD : 460 500 605 710 820 15.5 Appalachian: : 2,370 2,560 3,110 *3,460 3,820 10.4 KY : 1,900 2,000 2,500 2,750 2,850 3.6 NC : 3,100 3,300 3,940 4,250 4,600 8.2 TN : 2,400 2,500 2,850 3,070 3,400 10.7 VA : 2,700 3,200 4,050 4,900 5,700 16.3 WV : 1,400 1,500 1,950 2,150 2,500 16.3 Southeast: : 2,270 2,420 3,530 4,420 4,820 9.0 AL : 1,760 1,860 2,400 2,750 3,100 12.7 FL : 2,900 3,100 5,400 7,280 7,570 4.0 GA : 2,200 2,350 3,200 3,900 4,500 15.4 SC : 2,050 2,150 2,400 2,600 2,900 11.5 Delta States: : 1,460 1,580 1,790 1,950 2,180 11.8 AR : 1,480 1,650 1,870 2,050 2,300 12.2 LA : 1,500 1,580 1,770 1,900 2,120 11.6 MS : 1,400 1,480 1,690 1,850 2,080 12.4 Southern Plains: : 788 832 1,000 1,190 1,400 17.6 OK : 705 745 900 970 1,080 11.3 TX : 810 855 1,030 1,250 1,480 18.4 Mountain: : 523 550 698 *951 1,120 17.8 AZ 2/ : 1,500 1,600 2,330 *3,050 3,400 11.5 CO : 730 775 940 *1,100 1,250 13.6 ID : 1,280 1,360 1,750 2,440 2,830 16.0 MT : 390 410 510 *800 960 20.0 NV 2/ : 480 500 650 *900 1,100 22.2 NM 2/ : 260 265 360 520 610 17.3 UT 2/ : 1,100 1,150 1,460 2,070 2,550 23.2 WY : 300 315 370 *450 560 24.4 Pacific: : 2,350 2,480 3,120 3,290 3,670 11.6 CA : 3,600 3,800 5,090 5,390 6,000 11.3 OR : 1,200 1,250 1,350 1,420 1,650 16.2 WA : 1,480 1,530 1,650 1,750 1,900 8.6 : 48 States 3/ : 1,270 1,360 1,650 1,900 2,160 13.7 -------------------------------------------------------------------------------- * Revised. 1/ See page 18 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, 2003-2007 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2003 : 2004 : 2005 : 2006 : 2007 : 06-07 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 3,400 3,800 4,390 5,040 5,450 8.1 DE : 3,850 5,700 8,000 9,800 9,900 1.0 MD : 4,000 5,600 7,600 8,800 9,100 3.4 NJ : 9,300 9,900 10,500 11,200 11,900 6.3 NY : 1,390 1,470 1,530 1,820 1,920 5.5 PA : 3,500 3,700 4,280 5,110 6,000 17.4 Oth Sts 2/ : 5,920 6,230 6,610 7,090 7,260 2.4 Lake States: : 1,860 2,030 2,270 2,550 2,950 15.7 MI : 2,350 2,550 2,750 3,000 3,450 15.0 MN : 1,520 1,690 1,950 2,180 2,500 14.7 WI : 2,200 2,350 2,600 3,000 3,520 17.3 Corn Belt: : 2,270 2,450 2,880 *3,240 3,720 14.8 IL : 2,500 2,700 3,370 *3,850 4,460 15.8 IN : 2,550 2,750 3,150 *3,670 4,050 10.4 IA : 2,120 2,320 2,770 *3,110 3,650 17.4 MO : 1,580 1,690 1,890 *2,090 2,450 17.2 OH : 2,750 2,940 3,230 3,540 3,920 10.7 Northern Plains: : 737 783 916 1,040 1,170 12.5 KS : 684 705 849 *926 1,020 10.2 NE : 1,210 1,290 1,470 1,690 1,890 11.8 ND : 460 490 546 610 670 9.8 SD : 681 747 907 1,090 1,250 14.7 Appalachian: : 2,490 2,670 3,040 *3,470 3,830 10.4 KY : 2,100 2,230 2,500 *2,900 3,050 5.2 NC : 2,950 3,150 3,450 3,610 3,950 9.4 TN : 2,350 2,420 2,650 2,920 3,350 14.7 VA : 2,800 3,300 4,100 5,300 6,000 13.2 WV : 2,050 2,200 3,300 3,500 3,900 11.4 Southeast: : 2,350 2,460 3,660 4,550 5,150 13.2 AL : 1,700 1,800 2,450 2,950 3,400 15.3 FL : 3,690 3,810 7,220 8,770 9,480 8.1 GA : 2,150 2,260 2,750 3,730 4,440 19.0 SC : 1,750 1,850 2,050 2,150 2,500 16.3 Delta States: : 1,210 1,270 1,460 1,600 1,780 11.3 AR : 1,220 1,290 1,460 1,580 1,720 8.9 LA : 1,240 1,300 1,510 1,630 1,840 12.9 MS : 1,160 1,210 1,410 1,590 1,810 13.8 Southern Plains: : 863 902 1,010 *1,160 1,330 14.7 OK : 668 697 846 *890 979 10.0 TX : 937 981 1,070 *1,260 1,470 16.7 Mountain: : 1,170 1,200 1,420 *1,730 1,900 9.8 AZ 3/ : 6,000 6,400 9,000 *10,500 10,800 2.9 CO : 1,050 1,060 1,170 *1,320 1,400 6.1 ID : 1,680 1,710 2,080 2,800 3,150 12.5 MT : 520 548 652 *855 1,000 17.0 NV 3/ : 1,900 1,950 2,300 *2,900 3,100 6.9 NM 3/ : 1,470 1,450 1,530 *1,720 1,830 6.4 UT 3/ : 2,960 2,900 3,060 3,650 4,080 11.8 WY : 957 972 1,070 *1,185 1,330 12.2 Pacific: : 3,500 3,570 4,620 4,850 5,450 12.4 CA : 5,920 6,020 8,230 8,620 9,780 13.5 OR : 1,670 1,690 1,800 1,940 2,180 12.4 WA : 1,470 1,510 1,610 1,660 1,750 5.4 : 48 States 4/ : 1,660 1,770 2,110 2,390 2,700 13.0 -------------------------------------------------------------------------------- * Revised. 1/ See page 18 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, 2003-2007 1/ -------------------------------------------------------------------------------- Region, State, : : : : : : Change and Land Type : 2003 : 2004 : 2005 : 2006 : 2007 : 06-07 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Corn Belt: : MO All Cropland : 1,580 1,690 1,890 *2,090 2,450 17.2 Irrigated : 2,150 2,250 2,470 *2,750 2,950 7.3 Non-Irrigated : 1,540 1,650 1,850 2,050 2,420 18.0 : Northern Plains: : KS All Cropland : 684 705 849 *926 1,020 10.2 Irrigated : 1,080 1,110 1,240 1,300 1,410 8.5 Non-Irrigated : 645 665 810 890 980 10.1 : NE All Cropland : 1,210 1,290 1,470 1,690 1,890 11.8 Irrigated : 1,650 1,750 1,940 2,150 2,400 11.6 Non-Irrigated : 980 1,050 1,230 1,450 1,640 13.1 : SD All Cropland : 681 747 907 1,090 1,250 14.7 Irrigated : 1,000 1,080 1,240 1,460 1,700 16.4 Non-Irrigated : 675 740 900 1,080 1,240 14.8 : Southeast: : FL All Cropland : 3,690 3,810 7,220 8,770 9,480 8.1 Irrigated : 4,180 4,400 8,050 9,550 10,500 9.9 Non-Irrigated : 2,670 2,850 6,100 7,900 8,500 7.6 : GA All Cropland : 2,150 2,260 2,750 3,730 4,440 19.0 Irrigated : 1,900 2,100 2,750 3,650 3,700 1.4 Non-Irrigated : 2,200 2,300 2,750 3,750 4,600 22.7 : Delta States: : AR All Cropland : 1,220 1,290 1,460 1,580 1,720 8.9 Irrigated : 1,350 1,450 1,640 1,730 1,900 9.8 Non-Irrigated : 1,100 1,150 1,320 1,460 1,580 8.2 : LA All Cropland : 1,240 1,300 1,510 1,630 1,840 12.9 Irrigated : 1,070 1,150 1,360 1,410 1,600 13.5 Non-Irrigated : 1,280 1,340 1,550 1,680 1,900 13.1 : MS All Cropland : 1,160 1,210 1,410 1,590 1,810 13.8 Irrigated : 1,230 1,280 1,460 1,550 1,840 18.7 Non-Irrigated : 1,140 1,190 1,400 1,600 1,800 12.5 : Southern Plains: : OK All Cropland : 668 697 846 *890 979 10.0 Irrigated : 820 850 990 1,160 1,250 7.8 Non-Irrigated : 660 690 840 880 970 10.2 : TX All Cropland : 937 981 1,070 *1,260 1,470 16.7 Irrigated : 1,000 1,050 1,150 *1,360 1,630 19.9 Non-Irrigated : 920 965 1,060 *1,240 1,440 16.1 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, 2003-2007 1/ 2/ (continued) -------------------------------------------------------------------------------- Region, State, : : : : : : Change and Land Type : 2003 : 2004 : 2005 : 2006 : 2007 : 06-07 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Mountain: : AZ All Cropland : 6,000 6,400 9,000 *10,500 10,800 2.9 Irrigated : 6,000 6,400 9,000 *10,500 10,800 2.9 : CO All Cropland : 1,050 1,060 1,170 *1,320 1,400 6.1 Irrigated : 2,000 2,100 2,500 *2,900 3,200 10.3 Non-Irrigated : 540 580 650 *800 900 12.5 : ID All Cropland : 1,680 1,710 2,080 2,800 3,150 12.5 Irrigated : 2,200 2,330 3,000 4,300 4,950 15.1 Non-Irrigated : 780 800 900 1,140 1,400 22.8 : MT All Cropland : 520 548 652 *855 1,000 17.0 Irrigated : 1,580 1,680 2,000 2,800 3,700 32.1 Non-Irrigated : 370 400 490 *640 730 14.1 : NV All Cropland : 1,900 1,950 2,300 *2,900 3,100 6.9 Irrigated : 1,900 1,950 2,300 *2,900 3,100 6.9 : NM All Cropland : 1,470 1,450 1,530 *1,720 1,830 6.4 Irrigated : 2,650 3,000 3,500 4,500 5,400 20.0 Non-Irrigated : 270 270 350 *380 420 10.5 : UT All Cropland : 2,960 2,900 3,060 3,650 4,080 11.8 Irrigated : 3,500 3,800 4,400 5,800 7,200 24.1 Non-Irrigated : 775 850 1,050 1,350 1,600 18.5 : WY All Cropland : 957 972 1,070 *1,185 1,330 12.2 Irrigated : 1,150 1,300 1,600 1,900 2,150 13.2 Non-Irrigated : 310 340 400 *550 800 45.5 : Pacific: : CA All Cropland : 5,920 6,020 8,230 8,620 9,780 13.5 Irrigated : 6,300 6,600 9,370 10,100 11,800 16.8 Non-Irrigated : 2,000 2,130 2,690 2,980 3,500 17.4 : OR All Cropland : 1,670 1,690 1,800 1,940 2,180 12.4 Irrigated : 2,250 2,350 2,580 2,900 3,350 15.5 Non-Irrigated : 1,200 1,250 1,360 1,470 1,700 15.6 : WA All Cropland : 1,470 1,510 1,610 1,660 1,750 5.4 Irrigated : 3,200 3,300 3,550 3,730 4,000 7.2 Non-Irrigated : 950 990 1,060 1,090 1,140 4.6 -------------------------------------------------------------------------------- * Revised. 1/ Only States with significant irrigated acreage appear in this table. 2/ See page 18 for definition of Regions. Pasture: Average Value per Acre, by Region and State, January 1, 2003-2007 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2003 : 2004 : 2005 : 2006 : 2007 : 06-07 -------------------------------------------------------------------------------- : ------------------- Dollars ------------------ Percent : Northeast: : 2,190 2,470 2,770 3,050 3,450 13.1 MD : 3,650 5,500 7,300 8,300 8,500 2.4 NJ : 10,000 10,600 11,300 11,700 12,100 3.4 NY : 720 775 825 890 1,020 14.6 PA : 1,850 2,000 2,200 2,480 3,300 33.1 Oth Sts 2/ : 3,880 4,140 4,480 4,960 6,380 28.6 Lake States: : 953 1,050 1,290 *1,530 1,800 17.6 MI : 1,600 1,800 1,950 2,150 2,570 19.5 MN : 625 700 940 1,150 1,380 20.0 WI : 1,100 1,200 1,480 *1,800 2,100 16.7 Corn Belt: : 1,120 1,200 1,440 *1,670 2,010 20.4 IL : 1,060 1,110 1,720 *2,050 2,500 22.0 IN : 1,660 1,780 1,930 2,090 2,500 19.6 IA : 800 880 1,070 *1,400 1,800 28.6 MO : 1,050 1,130 1,340 *1,550 1,820 17.4 OH : 1,950 2,100 2,240 *2,400 2,820 17.5 Northern Plains: : 258 279 343 *408 469 15.0 KS : 410 430 530 *640 740 15.6 NE : 255 275 320 *370 420 13.5 ND : 170 185 220 *260 300 15.4 SD : 220 240 310 *370 420 13.5 Appalachian: : 2,000 2,200 2,910 *3,440 3,900 13.4 KY : 1,460 1,530 1,980 *2,300 2,600 13.0 NC : 3,010 3,200 4,000 *4,600 5,100 10.9 TN : 2,350 2,450 3,220 *3,520 3,850 9.4 VA : 2,250 2,800 3,850 *4,900 5,500 12.2 WV : 1,200 1,280 1,660 1,880 2,100 11.7 Southeast: : 2,010 2,150 4,200 *5,750 6,500 13.0 AL : 1,350 1,420 1,950 *2,150 2,450 14.0 FL : 2,100 2,250 5,150 7,500 8,350 11.3 GA : 2,750 2,950 5,600 *7,300 8,150 11.6 SC : 1,900 2,000 2,300 2,550 3,000 17.6 Delta States: : 1,230 1,300 1,620 1,800 2,170 20.6 AR : 1,210 1,300 1,590 *1,770 2,130 20.3 LA : 1,310 1,350 1,670 1,800 2,160 20.0 MS : 1,200 1,270 1,610 *1,850 2,230 20.5 Southern Plains: : 590 624 830 1,030 1,290 25.2 OK : 450 475 640 760 900 18.4 TX : 620 655 869 1,080 1,370 26.9 Mountain: : 285 302 395 *584 689 18.0 AZ 3/ : 470 500 650 *750 900 20.0 CO : 430 470 620 800 800 0.0 ID : 700 725 950 1,630 1,850 13.5 MT : 270 285 370 *700 850 21.4 NV 3/ : 255 260 350 620 720 16.1 NM 3/ : 160 170 250 *275 350 27.3 UT 3/ : 500 520 690 1,160 1,350 16.4 WY : 220 235 280 360 480 33.3 Pacific: : 952 1,020 1,190 1,340 1,730 29.1 CA : 1,500 1,600 1,910 2,160 2,820 30.6 OR : 450 470 510 540 630 16.7 WA : 520 540 585 605 700 15.7 : 48 States 4/ : 605 634 820 1,000 1,160 16.0 -------------------------------------------------------------------------------- * Revised. 1/ See page 18 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. Farm Real Estate: Value of Farmland and Buildings, by Region and State, January 1, 2002-2006 1/ -------------------------------------------------------------------------------- : Total value of land and buildings :----------------------------------------------------------- : : : : : : Change Region and State : 2002 : 2003 : 2004 : 2005 : 2006 : 05-06 -------------------------------------------------------------------------------- :---------------- Million Dollars ---------------- Percent : Northeast: : CT : 3,060 3,420 3,672 3,888 4,104 5.6 DE : 1,998 2,120 3,150 4,368 5,253 20.3 ME : 2,192 2,398 2,535 2,672 2,788 4.3 MD : 8,320 8,549 11,685 16,116 18,112 12.4 MA : 4,212 4,836 5,148 5,460 6,032 10.5 NH : 1,260 1,395 1,463 1,553 1,665 7.2 NJ : 7,052 7,462 7,995 8,295 8,611 3.8 NY : 12,333 13,005 13,528 14,496 15,375 6.1 PA : 25,025 26,565 28,105 32,494 36,644 12.8 RI : 498 558 612 672 750 11.6 VT : 2,394 2,563 2,688 2,875 3,038 5.7 Lake States: : MI : 24,922 27,041 29,492 31,815 35,350 11.1 MN : 41,700 44,320 49,680 57,750 65,760 13.9 WI : 33,755 35,880 38,750 43,890 48,960 11.6 Corn Belt: : IL : 64,625 66,825 71,514 90,909 103,740 14.1 IN : 37,146 38,653 41,550 47,100 54,450 15.6 IA : 61,056 63,717 69,740 83,740 92,295 10.2 MO : 41,676 44,247 47,558 53,879 59,598 10.6 OH : 37,986 40,004 42,485 45,474 49,907 9.7 Northern Plains: : KS : 31,455 32,332 33,748 40,120 44,368 10.6 NE : 34,884 35,573 37,785 42,958 49,813 16.0 ND : 16,351 16,745 17,927 19,897 22,655 13.9 SD : 18,834 20,148 21,900 26,439 31,027 17.4 Appalachian: : KY : 25,254 26,220 27,600 34,500 37,675 9.2 NC : 26,390 28,210 29,700 34,672 37,400 7.9 TN : 26,910 27,840 29,000 32,775 34,998 6.8 VA : 21,935 23,220 27,360 34,425 41,650 21.0 WV : 4,788 5,040 5,400 7,020 7,740 10.3 Southeast: : AL : 15,130 15,664 16,275 20,640 23,650 14.6 FL : 28,016 29,580 31,310 54,000 72,800 34.8 GA : 22,140 23,760 25,145 33,600 42,120 25.4 SC : 9,215 9,943 10,428 11,640 12,610 8.3 Delta States: : AR : 20,445 21,312 23,760 26,928 29,315 8.9 LA : 11,376 11,775 12,403 13,806 14,820 7.3 MS : 14,776 15,554 16,354 18,675 20,350 9.0 Southern Plains: : OK : 22,916 23,759 25,107 30,330 32,689 7.8 TX : 101,138 105,705 111,150 133,694 162,125 21.3 Mountain: : AZ 2/ : 10,246 10,556 10,846 13,592 16,311 20.0 CO : 21,770 22,630 23,948 28,858 33,770 17.0 ID : 14,632 15,104 16,048 20,650 28,792 39.4 MT : 22,126 23,439 24,641 30,651 48,080 56.9 NV 2/ : 2,526 2,603 2,706 3,475 4,758 36.9 NM 2/ : 11,428 11,774 11,959 15,412 21,317 38.3 UT 2/ : 8,332 8,767 9,131 11,383 15,815 38.9 WY : 9,833 10,332 10,849 12,728 15,480 21.6 Pacific: : CA : 93,840 97,560 101,460 134,376 141,757 5.5 OR : 19,780 20,640 21,500 23,085 24,282 5.2 WA : 21,337 22,644 23,256 24,915 26,425 6.1 : 48 States 3/ :1,099,013 1,151,987 1,230,046 1,482,690 1,707,024 15.1 -------------------------------------------------------------------------------- 1/ Total value of land and buildings is derived by multiplying average value per acre of farm real estate by the land in farms. 2/ Value of all land and buildings adjusted to include American Indian reservation land value. 3/ Excludes Alaska and Hawaii. Agricultural Cash Rents Highlights Nationally, cash rents per acre paid to landlords for cropland rose $5.50 (6.9 percent), while pasture rents increased $1.20 (11 percent) for the 2007 crop and grazing year. Cropland cash rents paid in 2007 averaged $85.00 per acre, compared with $79.50 per acre for 2006. Pasture cash rents averaged $12.00 per acre, $1.20 higher than 2006. The increases in cropland and pasture land rental rates continue to reflect producers' optimism following strong commodity prices. Cropland cash rents reported in 2007 increased in all regions. The Mountain region had the highest percentage increase for cropland, 20 percent above 2006. Cropland cash rents increased $7.00 per acre to $126.00 in the Corn Belt region and $4.50 per acre to $58.00 in the Northern Plains region. The Corn Belt and Northern Plains regions account for slightly more than one half of cash rented cropland acreage in the U.S. The major corn and soybean producing States of Illinois, Indiana, and Iowa experienced increases of 6.8, 8.1, and 5.3, percent respectively, for cropland cash rents. Illinois, Indiana, and Iowa cropland cash rents averaged $141.00, $120.00, and $140.00 per acre, respectively. Pasture rent in the Northern Plains, Southern Plains, and Mountain regions, which account for nearly 85 percent of the cash rented pasture acreage in the U.S., increased by $1.50, 60 cents, and $2.20 per acre, respectively. The Corn Belt region had the highest cash rent for pasture in the U.S. Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2003-2007 1/ 2/ -------------------------------------------------------------------------------- Region, State, : : : : : and Land Type : 2003 : 2004 : 2005 : 2006 : 2007 -------------------------------------------------------------------------------- : Dollars : Northeast: : 42.00 44.50 46.00 47.00 48.00 DE : 57.00 61.00 64.00 65.00 65.00 MD : 55.50 59.00 62.00 62.00 62.00 NJ : 47.00 47.50 47.50 47.50 48.00 NY : 37.00 40.00 41.00 39.00 39.00 PA : 41.00 43.00 45.00 46.50 48.00 : Lake States: : 74.50 76.20 78.00 80.00 85.00 MI : 60.00 62.00 62.00 65.00 73.00 MN : 82.00 83.50 86.50 88.00 94.00 WI : 68.00 70.00 70.00 71.00 72.00 : Corn Belt: : 110.00 114.00 117.00 119.00 126.00 IL : 123.00 126.00 129.00 132.00 141.00 IN : 103.00 107.00 109.00 111.00 120.00 IA : 122.00 126.00 131.00 133.00 140.00 MO : Non-Irrigated : 70.00 76.00 79.00 79.00 79.00 OH : 78.00 80.00 82.00 86.00 91.00 : Northern Plains: : 48.00 50.00 53.00 53.50 58.00 KS : 39.00 41.00 42.00 44.00 48.00 Irrigated : 68.00 72.00 73.00 74.00 82.00 Non-irrigated : 36.00 37.50 38.50 39.00 41.00 NE : 92.00 95.00 97.00 101.00 106.00 Irrigated : 123.00 125.00 127.00 131.00 139.00 Non-Irrigated : 67.00 70.00 72.00 76.00 79.00 ND : 36.50 37.50 39.00 39.00 41.00 SD : Non-Irrigated : 45.00 47.50 50.40 53.00 56.50 : Appalachian: : 52.00 55.00 58.00 56.00 58.00 KY : 70.00 72.00 73.00 78.00 82.00 NC : 51.00 53.00 53.00 52.00 52.50 TN : 62.00 67.00 67.00 *67.00 68.00 VA : 36.50 39.00 40.00 *40.00 45.00 WV : 28.00 30.00 28.00 30.00 30.00 : Southeast: : 44.00 44.50 48.00 48.00 50.00 AL : 35.00 33.00 40.00 39.00 41.00 FL : Non-Irrigated : 32.00 34.00 37.00 39.00 40.00 GA : 56.00 58.00 58.00 60.00 60.00 Irrigated : 105.00 110.00 115.00 *116.00 116.00 Non-Irrigated : 40.00 42.00 41.00 43.00 44.00 SC : 28.50 28.50 29.00 29.00 29.50 : Delta States: : 65.00 68.50 70.50 69.50 72.50 AR : 71.00 75.00 76.00 76.00 80.00 Irrigated : 78.00 86.00 86.00 86.00 90.00 Non-Irrigated : 55.00 59.00 58.00 56.00 56.00 LA : 62.00 66.00 66.00 72.00 71.00 Irrigated : 68.00 76.00 70.00 81.00 82.00 Non-Irrigated : 59.00 62.00 62.00 66.00 66.00 MS : 63.00 66.00 69.00 68.00 73.00 Irrigated : 78.00 85.00 93.00 *90.00 92.00 Non-Irrigated : 56.00 58.00 60.00 62.00 65.00 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2003-2007 1/ 2/ (continued) -------------------------------------------------------------------------------- Region, State, : : : : : and Land Type : 2003 : 2004 : 2005 : 2006 : 2007 -------------------------------------------------------------------------------- : Dollars : Southern Plains: : 28.00 30.50 30.50 29.00 29.50 OK : Non-Irrigated : 27.50 30.00 29.00 28.00 27.00 TX : 27.30 29.80 29.70 28.00 30.00 Irrigated : 55.00 56.00 57.50 *50.00 53.00 Non-Irrigated : 21.00 23.70 23.00 23.00 23.00 : Mountain: : 60.50 62.50 62.00 65.00 78.00 AZ : Irrigated : 135.00 150.00 165.00 180.00 170.00 CO : 60.00 58.00 61.00 61.00 59.00 Irrigated : 93.00 91.00 100.00 100.00 100.00 Non-Irrigated : 23.00 22.00 23.00 23.00 22.00 ID : 97.00 99.00 104.00 108.00 109.00 Irrigated : 116.00 118.00 124.00 128.00 130.00 Non-Irrigated : 51.00 53.00 55.00 58.00 58.00 MT : 24.00 24.50 25.00 *28.00 28.50 Irrigated : 48.00 49.00 53.00 68.00 Non-Irrigated : 18.50 18.90 19.50 *20.00 19.50 UT : 62.00 Irrigated : 61.00 61.00 65.00 60.00 62.00 : Pacific: : 180.00 180.00 185.00 192.00 210.00 CA : Irrigated : 300.00 300.00 330.00 320.00 340.00 OR : 98.00 100.00 100.00 100.00 100.00 Irrigated : 120.00 125.00 130.00 135.00 135.00 Non-Irrigated : 65.00 65.00 70.00 70.00 72.00 WA : Irrigated : 175.00 185.00 190.00 200.00 210.00 : 48 States 3/ : 73.00 76.50 78.00 *79.50 85.00 -------------------------------------------------------------------------------- * Revised. 1/ Unless otherwise specified as irrigated or non-irrigated, data are for all cropland. 2/ See page 18 for definition of Regions. 3/ Excludes Alaska and Hawaii. Pasture Rented for Cash: Average Cash Rent per Acre, by Region and State, 2003-2007 1/ -------------------------------------------------------------------------------- Region and State : 2003 : 2004 : 2005 : 2006 : 2007 -------------------------------------------------------------------------------- : Dollars : Northeast: : 23.00 24.00 24.00 26.00 31.00 PA : 25.00 25.00 27.00 25.00 30.00 : Lake States: : 23.50 24.50 26.90 28.00 30.00 MN : 19.00 19.50 20.50 19.00 19.00 WI : 36.00 37.00 38.00 38.00 40.00 : Corn Belt: : 27.00 29.00 30.50 31.00 31.50 IL : 32.50 34.00 34.50 34.00 35.00 IA : 31.00 32.50 36.00 38.00 39.00 MO : 23.50 26.00 27.00 26.00 26.00 : Northern Plains: : 11.20 11.80 12.00 12.50 14.00 KS : 12.60 13.20 13.40 13.70 14.50 NE : 11.50 12.00 12.00 12.50 14.00 ND : 9.80 10.20 10.60 11.30 12.50 SD : 11.00 11.60 12.30 12.90 13.80 : Appalachian: : 18.00 19.10 21.00 22.00 22.30 NC : 22.00 23.00 25.00 25.00 27.00 TN : 17.50 19.00 18.00 *19.00 20.00 VA : 16.50 17.50 20.00 20.00 21.00 : Southeast: : 18.50 19.10 19.00 20.00 22.30 AL : 18.00 18.00 17.50 18.50 19.50 FL : 17.00 17.50 18.50 22.00 24.00 GA : 23.00 24.00 22.00 25.00 25.00 : Delta States: : 16.00 16.60 17.00 17.50 19.50 LA : 15.00 15.50 16.50 19.00 23.00 MS : 16.00 16.50 16.50 16.00 18.00 : Southern Plains: : 8.00 8.10 8.40 8.20 8.80 OK : 8.50 9.00 9.00 8.50 9.50 TX : 7.80 7.80 8.30 8.10 8.30 : Mountain: : 3.40 3.60 3.80 4.00 6.20 CO : 3.50 3.70 4.30 4.00 5.50 MT : 4.50 5.00 5.90 5.00 6.50 NM : 1.60 1.70 1.80 2.00 2.00 UT : 9.00 10.00 9.00 11.00 12.00 WY : 3.50 4.00 4.00 4.50 4.50 : Pacific: : 12.50 13.50 13.50 14.50 17.30 CA : 10.60 11.50 12.00 13.00 14.00 : 48 States 2/ : 9.00 9.60 10.30 10.80 12.00 -------------------------------------------------------------------------------- * Revised. 1/ See page 18 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 2007, the survey included a stratified sample of 10,912 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. 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. The State estimates are weighted by the amount of cropland and pasture in each state, based on the most recent Censuses of Agriculture. For the purposes of this report, cropland pastured is defined as cropland. Published Estimates: State averages are not published for States with limited reports and/or high variability of the survey item's reported data. 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 2007 area frame survey are listed below: U.S. Regions (range low to high) Farm Real Estate Value (%) 6.2 1.2 to 32.5 All Cropland Value (%) 1.5 1.3 to 8.7 Irrigated Cropland (%) 4.2 1.3 to 15.7 Non-irrigated Cropland (%) 2.9 2.0 to 12.9 Pasture Value (%) 3.8 2.4 to 21.6 Cropland Cash Rent (%) 0.9 0.6 to 9.7 Pasture Cash Rent (%) 3.6 2.5 to 35.5 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 3, 2007, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, U.S. Department of Agriculture. For information on "Land Values and Cash Rents 2007 Summary" call Scott Shimmin at (202) 690-3231, 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.nass.usda.gov. 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