ISSN: 1949-1867 Land Values and Cash Rents 2009 Summary August 2009 National Agricultural Statistics Service USDA Washington,D.C. Contents Agricultural Land Values Highlights..............................................4 U. S. Average Farm Real Estate Value, Dollars per Acre: 2000-2009................5 2009 Farm Real Estate Value by State, Dollars per Acre & Percent Change from 2008........................................................................5 U. S. Average Cropland Value, Dollars per Acre: 2000-2009........................6 2009 Cropland Value by State, Dollars per Acre & Percent Change from 2008........6 U. S. Average Pasture Value, Dollars per Acre: 2000-2009.........................7 2009 Pasture Value by State, Dollars per Acre & Percent Change from 2008.........7 Farm Real Estate Average Value per Acre by Region and State: January 1, 2005-2009........................................................................8 Cropland Average Value per Acre by Region and State: January 1, 2005-2009.......10 Irrigated and Non-Irrigated Cropland Average Value per Acre by State: January 1, 2005-2009............................................................12 Pasture Average Value per Acre by Region and State: January 1, 2005-2009........14 Farm Real Estate Value of Farmland and Buildings by Region and State: January 1, 2004-2008............................................................16 Agricultural Cash Rents Highlights..............................................18 U. S. Average Cropland Cash Rent, Dollars per Acre: 2000-2009...................19 2009 Cropland Cash Rent by State, Dollars per Acre..............................19 U. S. Average Pasture Cash Rent, Dollars per Acre: 2000-2009....................20 2009 Pasture Cash Rent by State, Dollars per Acre...............................20 Cropland Rented for Cash Average Cash Rent per Acre by Region and State: 2005-2009.......................................................................21 Pasture Rented for Cash Average Cash Rent per Acre by Region and State: 2005-2009.......................................................................23 Economic Regions................................................................24 Reliability of Land Values and Cash Rents in this Report........................25 Agricultural Land Values Highlights Farm real estate values, a measurement of the value of all land and buildings on farms, averaged $2,100 per acre on January 1, 2009, down 3.2 percent from 2008. The 3.2 percent decrease from 2008 is the first decline in farm real estate value since 1987. Regional changes in the average value of farm real estate ranged from virtually no change in the Northern and Southern Plains regions to an 11 percent decline in the Mountain region. The highest farm real estate values remained in the Northeast region at $4,830 per acre. The Mountain region had the lowest farm real estate value, $922 per acre. Both cropland and pasture values are also down from the previous year. Cropland values declined by $110 per acre (3.9 percent) to $2,650 per acre. In the Cornbelt region, the average cropland value decreased 4.0 percent from the previous year, to $3,870 per acre. However, in the Northern Plains and Delta regions, cropland values rose 1.6 percent and 0.6 percent, respectively. Pasture value declined by $20 per acre (1.8 percent) from 2008 to $1,070 per acre. The Mountain region had the largest percentage decrease in pasture value, 16 percent below 2008. The contraction in the overall economy has caused less commercial and residential development in many regions. Livestock and crop commodity prices have declined from a year earlier, thus producers and investors are less optimistic than a year ago. A decrease in the demand for recreational land has also contributed to the overall decrease in land values. Farm Real Estate Average Value per Acre by Region and State: January 1, 2005-2009 -------------------------------------------------------------------------------- : : : : : : Change Region and State 1/: 2005 : 2006 : 2007 : 2008 : 2009 :2008-2009 -------------------------------------------------------------------------------- : ------------------- dollars ------------------ percent : Northeast ..........: 4,100 4,550 4,920 4,980 4,830 -3.0 Connecticut ......: 11,200 12,100 12,700 12,700 12,000 -5.5 Delaware .........: 8,500 10,400 10,700 10,300 8,900 -13.6 Maine ............: 1,990 2,110 2,230 2,200 2,100 -4.5 Maryland .........: 7,500 8,400 8,500 8,000 7,500 -6.3 Massachusetts ....: 10,500 11,700 11,900 12,300 12,000 -2.4 New Hampshire ....: 3,780 4,240 4,800 4,900 4,800 -2.0 New Jersey .......: 12,500 14,400 15,700 15,300 13,800 -9.8 New York .........: 1,900 2,020 2,180 2,350 2,400 2.1 Pennsylvania .....: 3,980 4,380 4,970 5,120 5,100 -0.4 Rhode Island .....: 12,800 15,300 16,400 16,800 15,300 -8.9 Vermont ..........: 2,320 2,480 2,740 2,900 2,800 -3.4 : Lake ...............: 2,470 2,760 3,180 3,410 3,300 -3.2 Michigan .........: 3,070 3,370 3,760 3,900 3,750 -3.8 Minnesota ........: 2,060 2,340 2,700 2,970 2,870 -3.4 Wisconsin ........: 2,790 3,100 3,640 3,850 3,750 -2.6 : Corn Belt ..........: 2,650 2,920 3,290 3,700 3,620 -2.2 Illinois .........: 3,210 3,590 4,020 4,550 4,530 -0.4 Indiana ..........: 3,000 3,250 3,640 4,100 4,020 -2.0 Iowa .............: 2,640 2,910 3,370 3,950 3,850 -2.5 Missouri .........: 1,750 1,910 2,170 2,300 2,200 -4.3 Ohio .............: 3,140 3,420 3,700 4,020 3,880 -3.5 : Northern Plains ....: 714 799 896 1,020 1,020 - Kansas ...........: 810 870 980 1,020 1,030 1.0 Nebraska .........: 910 1,030 1,140 1,330 1,340 0.8 North Dakota .....: 510 580 650 770 780 1.3 South Dakota .....: 590 680 770 920 890 -3.3 : Appalachian ........: 3,000 3,280 3,520 3,650 3,530 -3.3 Kentucky .........: 2,450 2,670 2,740 2,850 2,850 - North Carolina ...: 3,820 4,060 4,330 4,450 4,250 -4.5 Tennessee ........: 2,790 2,970 3,250 3,450 3,300 -4.3 Virginia .........: 3,800 4,430 4,900 5,000 4,800 -4.0 West Virginia ....: 1,900 2,000 2,300 2,500 2,400 -4.0 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Farm Real Estate Average Value per Acre by Region and State: January 1, 2005-2009 (continued) -------------------------------------------------------------------------------- : : : : : : Change Region and State 1/: 2005 : 2006 : 2007 : 2008 : 2009 :2008-2009 -------------------------------------------------------------------------------- : ------------------ dollars ------------------ percent : Southeast ..........: 3,220 3,580 3,890 3,940 3,660 -7.1 Alabama ..........: 2,050 2,100 2,200 2,300 2,150 -6.5 Florida ..........: 4,790 5,230 5,500 5,640 5,150 -8.7 Georgia ..........: 3,140 3,800 4,350 4,300 4,000 -7.0 South Carolina ...: 2,370 2,550 2,820 2,950 2,900 -1.7 : Delta ..............: 1,740 1,870 2,080 2,220 2,160 -2.7 Arkansas .........: 1,850 2,000 2,240 2,420 2,390 -1.2 Louisiana ........: 1,700 1,780 1,950 2,050 1,970 -3.9 Mississippi ......: 1,640 1,770 1,970 2,080 2,000 -3.8 : Southern Plains ....: 979 1,140 1,320 1,470 1,470 - Oklahoma .........: 900 970 1,080 1,150 1,170 1.7 Texas ............: 1,000 1,190 1,380 1,550 1,550 - : Mountain ...........: 659 852 964 1,030 922 -10.5 Arizona 2/ .......: 2,330 3,050 3,200 3,500 3,500 - Colorado .........: 900 1,020 1,130 1,150 1,100 -4.3 Idaho ............: 1,650 2,200 2,480 2,500 2,200 -12.0 Montana ..........: 480 720 830 900 700 -22.2 Nevada 2/ ........: 620 830 980 1,000 1,000 - New Mexico 2/ ....: 330 410 460 500 480 -4.0 Utah 2/ ..........: 1,250 1,510 1,730 1,850 1,800 -2.7 Wyoming ..........: 340 400 490 560 520 -7.1 : Pacific ............: 3,100 3,280 3,660 3,970 3,770 -5.0 California .......: 5,050 5,360 5,960 6,440 6,100 -5.3 Oregon ...........: 1,380 1,470 1,720 1,900 1,800 -5.3 Washington .......: 1,630 1,720 1,850 2,020 1,950 -3.5 : 48 States 3/ .......: 1,610 1,830 2,010 2,170 2,100 -3.2 -------------------------------------------------------------------------------- - Represents zero. 1/ See page 24 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, 2005-2009 -------------------------------------------------------------------------------- : : : : : : Change Region and State 1/: 2005 : 2006 : 2007 : 2008 : 2009 :2008-2009 -------------------------------------------------------------------------------- : ------------------- dollars ------------------ percent : Northeast ..........: 4,320 4,970 5,350 5,590 5,340 -4.5 Delaware .........: 8,100 10,000 10,200 9,800 8,500 -13.3 Maryland .........: 7,200 8,200 8,400 7,800 7,300 -6.4 New Jersey .......: 13,000 14,900 16,000 15,600 14,000 -10.3 New York .........: 1,520 1,800 1,900 2,150 2,200 2.3 Pennsylvania .....: 4,030 4,680 5,330 6,000 5,700 -5.0 Other States 2/ ..: 6,770 7,370 7,690 7,930 7,570 -4.5 : Lake ...............: 2,230 2,480 2,830 3,080 3,020 -1.9 Michigan .........: 2,680 2,900 3,280 3,480 3,370 -3.2 Minnesota ........: 1,920 2,130 2,420 2,700 2,610 -3.3 Wisconsin ........: 2,540 2,900 3,370 3,600 3,650 1.4 : Corn Belt ..........: 2,790 3,090 3,530 4,030 3,870 -4.0 Illinois .........: 3,250 3,640 4,150 4,850 4,670 -3.7 Indiana ..........: 2,980 3,250 3,640 4,140 3,950 -4.6 Iowa .............: 2,760 3,100 3,600 4,260 4,050 -4.9 Missouri .........: 1,830 2,010 2,330 2,500 2,360 -5.6 Ohio .............: 3,190 3,470 3,820 4,140 3,900 -5.8 : Northern Plains ....: 890 985 1,090 1,280 1,300 1.6 Kansas ...........: 806 854 914 1,020 1,050 2.9 Nebraska .........: 1,420 1,560 1,760 2,050 2,180 6.3 North Dakota .....: 550 610 670 810 800 -1.2 South Dakota .....: 876 1,040 1,180 1,400 1,400 - : Appalachian ........: 2,940 3,290 3,570 3,730 3,600 -3.5 Kentucky .........: 2,450 2,810 2,930 3,100 3,150 1.6 North Carolina ...: 3,350 3,450 3,720 3,850 3,770 -2.1 Tennessee ........: 2,590 2,820 3,200 3,400 3,270 -3.8 Virginia .........: 3,850 4,800 5,250 5,350 5,000 -6.5 West Virginia ....: 3,200 3,300 3,600 3,800 3,500 -7.9 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Cropland Average Value per Acre by Region and State: January 1, 2005-2009 (continued) -------------------------------------------------------------------------------- : : : : : : Change Region and State 1/: 2005 : 2006 : 2007 : 2008 : 2009 :2008-2009 -------------------------------------------------------------------------------- : ------------------ dollars ------------------ percent : Southeast ..........: 3,330 3,790 4,180 4,380 3,980 -9.1 Alabama ..........: 2,050 2,300 2,450 2,650 2,500 -5.7 Florida ..........: 6,260 6,540 6,860 6,980 6,430 -7.9 Georgia ..........: 2,700 3,620 4,290 4,540 4,120 -9.3 South Carolina ...: 2,020 2,110 2,430 2,610 2,500 -4.2 : Delta ..............: 1,420 1,540 1,690 1,800 1,810 0.6 Arkansas .........: 1,440 1,550 1,680 1,770 1,860 5.1 Louisiana ........: 1,450 1,530 1,690 1,830 1,740 -4.9 Mississippi ......: 1,370 1,530 1,710 1,810 1,810 - : Southern Plains ....: 979 1,110 1,250 1,390 1,380 -0.7 Oklahoma .........: 845 889 979 1,110 1,130 1.8 Texas ............: 1,030 1,190 1,360 1,500 1,480 -1.3 : Mountain ...........: 1,230 1,520 1,640 1,670 1,600 -4.2 Arizona 3/ .......: 9,000 10,500 10,800 11,500 10,000 -13.0 Colorado .........: 1,000 1,170 1,270 1,310 1,300 -0.8 Idaho ............: 1,810 2,450 2,770 2,800 2,610 -6.8 Montana ..........: 588 756 784 811 787 -3.0 Nevada 3/ ........: 2,180 2,670 2,720 2,740 2,400 -12.4 New Mexico 3/ ....: 1,140 1,370 1,570 1,630 1,810 11.0 Utah 3/ ..........: 2,170 2,620 2,940 2,700 2,810 4.1 Wyoming ..........: 812 970 1,150 1,180 1,180 - : Pacific ............: 4,380 4,690 5,420 5,570 5,170 -7.2 California .......: 7,730 8,290 9,700 9,880 9,400 -4.9 Oregon ...........: 1,760 1,950 2,280 2,380 2,340 -1.7 Washington .......: 1,560 1,620 1,700 1,830 1,770 -3.3 : 48 States 4/ .......: 2,060 2,300 2,530 2,760 2,650 -4.0 -------------------------------------------------------------------------------- - Represents zero. 1/ See page 24 for definition of Regions. 2/ Includes: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. 3/ Excludes American Indian Reservation Land. 4/ Excludes Alaska and Hawaii. Irrigated and Non-Irrigated Cropland Average Value per Acre by State: January 1, 2005-2009 [Only States with significant irrigated acreage appear in this table] ---------------------------------------------------------------------------------------- Region, State, : : : : : : Change and Land Type 1/ : 2005 : 2006 : 2007 : 2008 : 2009 :2008-2009 ---------------------------------------------------------------------------------------- : ------------------ dollars ------------------ percent : Corn Belt : Missouri all cropland ....: 1,830 2,010 2,330 2,500 2,360 -5.6 Irrigated .............: 2,410 2,650 2,800 2,980 2,930 -1.7 Non-irrigated .........: 1,800 1,970 2,300 2,470 2,320 -6.1 : Northern Plains : Kansas all cropland ......: 806 854 914 1,020 1,050 2.9 Irrigated .............: 1,180 1,200 1,260 1,450 1,500 3.4 Non-irrigated .........: 770 820 880 980 1,000 2.0 : Nebraska all cropland ....: 1,420 1,560 1,760 2,050 2,180 6.3 Irrigated .............: 1,870 2,030 2,230 2,650 2,700 1.9 Non-irrigated .........: 1,190 1,330 1,520 1,750 1,850 5.7 : South Dakota all cropland : 876 1,040 1,180 1,400 1,400 - Irrigated .............: 1,200 1,400 1,600 1,830 1,850 1.1 Non-irrigated .........: 870 1,030 1,170 1,390 1,390 - : Southeast : Florida all cropland .....: 6,260 6,540 6,860 6,980 6,430 -7.9 Irrigated .............: 7,140 7,330 7,580 7,790 7,000 -10.1 Non-irrigated .........: 5,410 5,780 6,160 6,300 5,900 -6.3 : Georgia all cropland .....: 2,700 3,620 4,290 4,540 4,120 -9.3 Irrigated .............: 2,700 3,500 3,550 3,600 3,300 -8.3 Non-irrigated .........: 2,700 3,650 4,450 4,750 4,350 -8.4 : Delta : Arkansas all cropland ....: 1,440 1,550 1,680 1,770 1,860 5.1 Irrigated .............: 1,620 1,700 1,850 1,920 2,100 9.4 Non-irrigated .........: 1,300 1,430 1,540 1,650 1,600 -3.0 : Louisiana all cropland ...: 1,450 1,530 1,690 1,830 1,740 -4.9 Irrigated .............: 1,300 1,320 1,470 1,560 1,500 -3.8 Non-irrigated .........: 1,490 1,580 1,740 1,890 1,800 -4.8 : Mississippi all cropland .: 1,370 1,530 1,710 1,810 1,810 - Irrigated .............: 1,420 1,480 1,740 1,980 1,830 -7.6 Non-irrigated .........: 1,360 1,540 1,700 1,770 1,800 1.7 : Southern Plains : Oklahoma all cropland ....: 845 889 979 1,110 1,130 1.8 Irrigated .............: 990 1,160 1,250 1,400 3/ 3/ Non-irrigated .........: 840 880 970 1,100 1,120 1.8 : Texas all cropland .......: 1,030 1,190 1,360 1,500 1,480 -1.3 Irrigated .............: 1,110 1,290 1,520 1,680 1,700 1.2 Non-irrigated .........: 1,020 1,180 1,340 1,480 1,450 -2.0 ---------------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Irrigated and Non-Irrigated Cropland Average Value per Acre by State: January 1, 2005-2009 (continued) [Only States with significant irrigated acreage appear in this table] -------------------------------------------------------------------------------------- Region, State, : : : : : : Change and Land Type 1/ : 2005 : 2006 : 2007 : 2008 : 2009 :2008-2009 -------------------------------------------------------------------------------------- : ----------------- dollars ---------------- percent : Mountain : Arizona all cropland 2/ .....: 9,000 10,500 10,800 11,500 10,000 -13.0 Irrigated ................: 9,000 10,500 10,800 11,500 10,000 -13.0 : Colorado all cropland .......: 1,000 1,170 1,270 1,310 1,300 -0.8 Irrigated ................: 2,380 2,700 2,900 3,100 3,150 1.6 Non-irrigated ............: 620 740 820 890 840 -5.6 : Idaho all cropland ..........: 1,810 2,450 2,770 2,800 2,610 -6.8 Irrigated ................: 2,800 3,900 4,350 4,500 4,000 -11.1 Non-irrigated ............: 850 1,050 1,230 1,360 1,300 -4.4 : Montana all cropland ........: 588 756 784 811 787 -3.0 Irrigated ................: 1,860 2,500 3,000 3,300 2,800 -15.2 Non-irrigated ............: 460 580 560 580 600 3.4 : Nevada all cropland 2/ ......: 2,180 2,670 2,720 2,740 2,400 -12.4 Irrigated ................: 2,180 2,670 2,720 2,740 2,700 -1.5 : New Mexico all cropland 2/ ..: 1,140 1,370 1,570 1,630 1,810 11.0 Irrigated ................: 3,240 4,000 4,630 5,360 5,490 2.4 Non-irrigated ............: 320 340 360 410 400 -2.4 : Utah all cropland 2/ ........: 2,170 2,620 2,940 2,700 2,810 4.1 Irrigated ................: 3,760 4,570 5,220 5,260 5,200 -1.1 Non-irrigated ............: 900 1,060 1,120 1,150 1,080 -6.1 : Wyoming all cropland ........: 812 970 1,150 1,180 1,180 - Irrigated ................: 1,500 1,700 1,860 2,090 1,900 -9.1 Non-irrigated ............: 370 500 700 750 700 -6.7 : Pacific : California all cropland .....: 7,730 8,290 9,700 9,880 9,400 -4.9 Irrigated ................: 9,350 10,000 11,700 12,300 11,500 -6.5 Non-irrigated ............: 2,690 2,980 3,480 3,570 3,400 -4.8 : Oregon all cropland .........: 1,760 1,950 2,280 2,380 2,340 -1.7 Irrigated ................: 2,640 3,000 3,500 3,740 3,680 -1.6 Non-irrigated ............: 1,390 1,520 1,770 1,900 1,850 -2.6 : Washington all cropland .....: 1,560 1,620 1,700 1,830 1,770 -3.3 Irrigated ................: 3,500 3,660 3,900 4,200 4,100 -2.4 Non-irrigated ............: 1,040 1,070 1,110 1,210 1,150 -5.0 -------------------------------------------------------------------------------------- - Represents zero. 1/ See page 24 for definition of Regions. 2/ Excludes American Indian Reservation Land. 3/ Not published due to insufficient reports. Pasture Average Value per Acre by Region and State: January 1, 2005-2009 -------------------------------------------------------------------------------- : : : : : : Change Region and State 1/: 2005 : 2006 : 2007 : 2008 : 2009 :2008-2009 -------------------------------------------------------------------------------- : ------------------- dollars ------------------ percent : Northeast ..........: 2,770 3,060 3,420 3,480 3,270 -6.0 Maryland .........: 7,000 7,700 5/ 5/ 5/ 5/ New Jersey .......: 13,500 15,500 16,800 16,500 14,900 -9.7 New York .........: 820 880 980 1,100 1,050 -4.5 Pennsylvania .....: 2,070 2,270 2,900 3,100 2,600 -16.1 Other States 2/ ..: 4,740 5,290 6,360 6,370 6,060 -4.9 : Lake ...............: 1,240 1,470 1,720 1,840 1,790 -2.7 Michigan .........: 1,900 2,070 2,450 2,630 2,550 -3.0 Minnesota ........: 920 1,120 1,330 1,480 1,400 -5.4 Wisconsin ........: 1,450 1,740 2,000 2,130 2,050 -3.8 : Corn Belt ..........: 1,410 1,630 1,910 2,090 1,950 -6.7 Illinois .........: 1,660 1,940 2,350 2,550 2,400 -5.9 Indiana ..........: 1,890 2,000 2,230 2,510 2,430 -3.2 Iowa .............: 1,070 1,400 1,780 2,070 1,880 -9.2 Missouri .........: 1,310 1,500 1,730 1,800 1,700 -5.6 Ohio .............: 2,210 2,360 2,720 3,200 3,050 -4.7 : Northern Plains ....: 333 390 440 516 499 -3.3 Kansas ...........: 500 590 660 750 750 - Nebraska .........: 310 350 400 480 450 -6.3 North Dakota .....: 220 260 300 350 350 - South Dakota .....: 300 360 400 470 430 -8.5 : Appalachian ........: 2,810 3,210 3,500 3,620 3,400 -6.1 Kentucky .........: 1,940 2,230 2,500 2,570 2,420 -5.8 North Carolina ...: 3,880 4,400 4,800 4,870 4,600 -5.5 Tennessee ........: 3,150 3,400 3,680 3,880 3,650 -5.9 Virginia .........: 3,600 4,440 4,800 4,830 4,800 -0.6 West Virginia ....: 1,600 1,800 1,900 1,950 1,900 -2.6 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Pasture Average Value per Acre by Region and State: January 1, 2005-2009 (continued) -------------------------------------------------------------------------------- : : : : : : Change Region and State 1/: 2005 : 2006 : 2007 : 2008 : 2009 :2008-2009 -------------------------------------------------------------------------------- : ------------------ dollars ------------------ percent : Southeast ..........: 3,870 4,300 4,770 5,040 4,350 -13.7 Alabama ..........: 1,650 1,650 1,750 1,800 1,700 -5.6 Florida ..........: 4,570 4,810 5,360 5,930 5,300 -10.6 Georgia ..........: 5,500 7,100 7,850 7,450 6,400 -14.1 South Carolina ...: 2,270 2,500 2,920 3,000 2,900 -3.3 : Delta ..............: 1,580 1,740 2,060 2,160 2,130 -1.4 Arkansas .........: 1,570 1,740 2,080 2,200 2,200 - Louisiana ........: 1,600 1,690 1,980 2,060 2,100 1.9 Mississippi ......: 1,570 1,780 2,110 2,200 2,050 -6.8 : Southern Plains ....: 807 986 1,170 1,340 1,300 -3.0 Oklahoma .........: 640 760 900 1,000 1,010 1.0 Texas ............: 840 1,030 1,220 1,400 1,360 -2.9 : Mountain ...........: 372 522 590 617 517 -16.2 Arizona 3/ .......: 650 750 900 950 900 -5.3 Colorado .........: 590 740 730 710 670 -5.6 Idaho ............: 900 1,450 1,620 1,610 1,280 -20.5 Montana ..........: 340 630 740 760 530 -30.3 Nevada 3/ ........: 330 570 640 650 620 -4.6 New Mexico 3/ ....: 230 250 280 310 280 -9.7 Utah 3/ ..........: 820 900 900 940 870 -7.4 Wyoming ..........: 260 320 410 480 410 -14.6 : Pacific ............: 1,210 1,350 1,720 1,900 1,690 -11.1 California .......: 1,900 2,150 2,800 3,020 2,850 -5.6 Oregon ...........: 520 560 660 740 700 -5.4 Washington .......: 580 600 680 770 740 -3.9 : 48 States 4/ .......: 740 960 1,030 1,090 1,070 -1.8 -------------------------------------------------------------------------------- - Represents zero. 1/ See page 24 for definition of Regions. 2/ Includes: Connecticut, Delaware, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. 3/ Excludes American Indian Reservation Land. 4/ Excludes Alaska and Hawaii. 5/ Not published due to insufficient reports. Farm Real Estate Value of Farmland and Buildings by Region and State: January 1, 2004-2008 [Total value of land and buildings is derived by multiplying average value per acre of farm real estate by the land in farms] -------------------------------------------------------------------------------- : Total value of land and buildings :----------------------------------------------------------- : : : : : : Change Region and State : 2004 : 2005 : 2006 : 2007 : 2008 :2007-2008 -------------------------------------------------------------------------------- : --------------- million dollars --------------- percent : Northeast ..........: Connecticut ......: 3,952 4,368 4,840 5,207 5,080 -2.4 Delaware .........: 3,233 4,420 5,304 5,457 5,150 -5.6 Maine ............: 2,562 2,706 2,849 3,011 2,970 -1.4 Maryland .........: 11,536 15,450 17,304 17,510 16,400 -6.3 Massachusetts ....: 5,158 5,460 6,084 6,188 6,273 1.4 New Hampshire ....: 1,530 1,739 1,950 2,256 2,303 2.1 New Jersey .......: 8,532 9,500 10,656 11,461 11,169 -2.5 New York .........: 13,257 13,965 14,685 15,696 16,685 6.3 Pennsylvania .....: 27,258 31,044 34,164 38,766 39,680 2.4 Rhode Island .....: 763 896 1,071 1,148 1,176 2.4 Vermont ..........: 2,688 2,900 3,100 3,370 3,538 5.0 : Lake States ........: Michigan .........: 29,290 31,007 34,037 37,600 39,000 3.7 Minnesota ........: 49,046 56,032 63,180 72,630 79,893 10.0 Wisconsin ........: 38,285 42,966 47,430 55,328 58,520 5.8 : Corn Belt ..........: Illinois .........: 69,632 86,670 96,571 107,736 121,485 12.8 Indiana ..........: 40,975 44,700 48,425 53,872 60,680 12.6 Iowa .............: 69,080 82,368 89,919 103,796 121,660 17.2 Missouri .........: 46,332 51,625 55,963 62,930 66,930 6.4 Ohio .............: 42,195 44,588 48,222 51,800 55,878 7.9 : Northern Plains ....: Kansas ...........: 32,760 38,200 41,282 45,374 47,124 3.9 Nebraska .........: 37,098 41,587 47,071 51,984 60,648 16.7 North Dakota .....: 18,124 20,094 22,852 25,740 30,492 18.5 South Dakota .....: 21,462 25,783 29,716 33,649 40,204 19.5 : Appalachian ........: Kentucky .........: 27,522 34,300 37,380 38,360 39,900 4.0 North Carolina ...: 29,250 33,616 35,728 37,238 38,270 2.8 Tennessee ........: 28,405 31,248 32,967 35,750 37,605 5.2 Virginia .........: 26,040 31,540 36,326 39,690 40,000 0.8 West Virginia ....: 5,400 6,840 7,200 8,510 9,250 8.7 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Farm Real Estate Value of Farmland and Buildings by Region and State: January 1, 2004-2008 (continued) [Total value of land and buildings is derived by multiplying average value per acre of farm real estate by the land in farms] -------------------------------------------------------------------------------- : Total value of land and buildings :----------------------------------------------------------- : : : : : : Change Region and State : 2004 : 2005 : 2006 : 2007 : 2008 :2007-2008 -------------------------------------------------------------------------------- :---------------- million dollars ---------------- percent : Southeast ..........: Alabama ..........: 16,465 18,040 18,690 19,800 20,585 4.0 Florida ..........: 28,704 45,840 49,476 51,150 52,170 2.0 Georgia ..........: 25,164 33,598 41,800 44,805 44,720 -0.2 South Carolina ...: 10,422 11,542 12,470 13,818 14,455 4.6 : Delta States .......: Arkansas .........: 23,288 26,270 28,000 31,136 33,154 6.5 Louisiana ........: 12,400 13,600 14,240 15,795 16,503 4.5 Mississippi ......: 16,133 18,122 19,470 21,670 22,880 5.6 : Southern Plains ....: Oklahoma .........: 25,725 31,050 33,756 37,908 40,365 6.5 Texas ............: 109,200 129,800 154,343 179,952 202,120 12.3 : Mountain ...........: Arizona 1/ .......: 10,846 13,709 16,311 16,926 18,156 7.3 Colorado .........: 23,636 27,990 31,926 35,482 35,995 1.4 Idaho ............: 15,444 19,305 25,520 28,520 28,500 -0.1 Montana ..........: 24,160 29,088 43,776 50,547 54,720 8.3 Nevada 1/ ........: 2,556 3,198 4,150 4,777 4,871 2.0 New Mexico 1/ ....: 11,592 13,942 16,684 18,505 19,829 7.2 Utah 1/ ..........: 8,514 9,607 11,293 12,479 13,291 6.5 Wyoming ..........: 10,560 10,982 12,640 14,798 16,856 13.9 : Pacific ............: California .......: 100,320 130,795 137,752 151,384 163,576 8.1 Oregon ...........: 21,420 23,046 24,402 28,208 31,160 10.5 Washington .......: 22,952 24,450 25,800 27,565 29,896 8.5 : 48 States 2/ .......:1,210,866 1,429,586 1,598,775 1,777,282 1,921,765 8.1 -------------------------------------------------------------------------------- 1/ Value of all land and buildings adjusted to include American Indian reservat land value. 2/ Excludes Alaska and Hawaii. Agricultural Cash Rents Highlights Nationally, cash rents per acre paid to landlords for cropland rose $4.50 (5.3 percent), while pasture rents remained unchanged for the 2009 crop and grazing year. Cropland cash rents paid in 2009 averaged $90.00 per acre, compared with $85.50 per acre for 2008. Pasture cash rents averaged $10.50 per acre, consistent with the 2008 price but above the 2007 price of $10.00. The increase in cropland rental rates are the result of producers receiving strong commodity prices, while pasture cash rent is affected less by commodity prices and more by land values. The Northern Plains region had the highest percentage increase for cropland, 7.6 percent above 2008. Cropland cash rents increased $9.00 per acre to $196.00 in the Pacific region and $7.00 per acre to $146.00 in the Corn Belt region. The Corn Belt and Northern Plains regions account for nearly half of the cash rented cropland acreage in the U.S. The major corn and soybean producing States of Illinois, Indiana, and Iowa experienced increases of 4.3, 4.4, and 5.9 percent respectively, for cropland cash rents. Illinois, Indiana, and Iowa cropland cash rents averaged $170.00, $141.00, and $180.00 per acre, respectively. While pasture rent in the Northern Plains and the Mountain regions remained unchanged from the previous year, rents in the Southern Plains decreased by 20 cents. The Northern Plains, Southern Plains, and Mountain regions account for nearly 81 percent of the cash rented pasture acreage in the U.S. The cash rent paid for pasture in the Corn Belt region decreased $1.00 to $31.00 per acre, which is the highest cash rent paid for pasture in the U.S. Cropland Rented for Cash Average Cash Rent per Acre by Region and State: 2005-2009 [Unless otherwise specified as irrigated or non-irrigated, data are for all cropland] -------------------------------------------------------------------------------- Region, State, : : : : : and land type 1/ : 2005 : 2006 : 2007 : 2008 : 2009 -------------------------------------------------------------------------------- : dollars : Northeast ............: 46.00 47.00 50.00 51.50 52.50 Delaware ...........: 64.00 65.00 72.00 72.00 70.00 Maryland ...........: 62.00 62.00 66.00 66.50 70.00 New Jersey .........: 47.50 47.50 50.50 52.50 54.00 New York ...........: 41.00 39.00 39.50 41.50 41.00 Pennsylvania .......: 45.00 46.50 55.00 55.00 56.00 : Lake .................: 78.00 80.00 84.00 97.00 103.00 Michigan ...........: 62.00 65.00 73.00 78.00 83.00 Minnesota ..........: 86.50 88.00 94.00 109.00 116.00 Wisconsin ..........: 70.00 71.00 72.00 85.00 89.00 : Corn Belt ............: 117.00 119.00 124.00 139.00 146.00 Illinois ...........: 129.00 132.00 141.00 163.00 170.00 Indiana ............: 109.00 111.00 120.00 135.00 141.00 Iowa ...............: 131.00 133.00 150.00 170.00 180.00 Missouri ...........: Non-irrigated ....: 79.00 79.00 79.00 80.00 90.00 Ohio ...............: 82.00 86.00 91.00 100.00 100.00 : Northern Plains ......: 53.00 53.50 59.50 66.00 71.00 Kansas .............: 42.00 44.00 45.00 47.50 51.50 Irrigated ........: 73.00 74.00 82.00 92.00 103.00 Non-irrigated ....: 38.50 39.00 41.00 42.50 46.50 Nebraska ...........: 97.00 101.00 103.00 121.00 127.00 Irrigated ........: 127.00 131.00 139.00 158.00 164.00 Non-irrigated ....: 72.00 76.00 79.00 97.00 100.00 North Dakota .......: 39.00 39.00 41.00 42.50 45.50 South Dakota .......: Non-irrigated ....: 50.40 53.00 56.50 64.00 71.50 : Appalachian ..........: 58.00 56.00 64.50 63.50 67.00 Kentucky ...........: 73.00 78.00 82.00 78.50 88.00 North Carolina .....: 53.00 52.00 54.50 57.50 55.00 Tennessee ..........: 67.00 67.00 67.00 68.50 68.50 Virginia ...........: 40.00 40.00 45.00 40.50 45.00 West Virginia ......: 28.00 30.00 30.00 28.00 2/ : Southeast ............: 48.00 48.00 64.00 66.00 63.00 Alabama ............: 40.00 39.00 43.00 43.00 42.00 Florida ............: Non-irrigated ....: 37.00 39.00 40.00 40.00 42.00 Georgia ............: 58.00 60.00 60.00 65.00 60.00 Irrigated ........: 115.00 116.00 116.00 125.00 140.00 Non-irrigated ....: 41.00 43.00 44.00 48.00 45.00 South Carolina .....: 29.00 29.00 29.50 32.50 33.00 : Delta ................: 70.50 69.50 72.00 78.00 79.00 Arkansas ...........: 76.00 76.00 74.00 79.50 83.00 Irrigated ........: 86.00 86.00 90.00 97.00 102.00 Non-irrigated ....: 58.00 56.00 56.00 60.00 58.00 Louisiana ..........: 66.00 72.00 69.00 73.00 73.00 Irrigated ........: 70.00 81.00 82.00 97.00 89.00 Non-irrigated ....: 62.00 66.00 66.00 67.00 67.00 Mississippi ........: 69.00 68.00 71.50 80.50 77.00 Irrigated ........: 93.00 90.00 92.00 103.00 100.00 Non-irrigated ....: 60.00 62.00 65.00 73.00 67.00 -------------------------------------------------------------------------------- --continued Cropland Rented for Cash Average Cash Rent per Acre by Region and State: 2005-2009 (continued) [Unless otherwise specified as irrigated or non-irrigated, data are for all cropland] -------------------------------------------------------------------------------- Region, State, : : : : : and land type 1/ : 2005 : 2006 : 2007 : 2008 : 2009 -------------------------------------------------------------------------------- : dollars : Southern Plains ......: 30.50 29.00 28.50 31.00 31.00 Oklahoma ...........: Non-irrigated ....: 29.00 28.00 27.00 28.00 27.50 Texas ..............: 29.70 28.00 29.00 31.50 31.50 Irrigated ........: 57.50 62.00 65.00 80.00 80.00 Non-irrigated ....: 23.00 23.00 23.00 24.00 24.00 : Mountain .............: 62.00 65.00 43.00 45.50 47.00 Arizona : Irrigated ........: 165.00 180.00 170.00 180.00 180.00 Colorado ...........: 61.00 61.00 37.50 41.00 38.00 Irrigated ........: 100.00 100.00 100.00 110.00 111.00 Non-irrigated ....: 23.00 23.00 22.00 24.00 23.00 Idaho ..............: 104.00 108.00 93.00 98.50 115.00 Irrigated ........: 124.00 128.00 130.00 145.00 175.00 Non-irrigated ....: 55.00 58.00 58.00 55.00 60.00 Montana ............: 25.00 28.00 23.00 24.50 25.50 Irrigated ........: 53.00 68.00 2/ 2/ 60.00 Non-irrigated ....: 19.50 20.00 19.50 20.50 19.50 Utah ...............: Irrigated ........: 65.00 60.00 62.00 65.00 70.00 : Pacific ..............: 185.00 192.00 175.00 187.00 196.00 California .........: Irrigated ........: 330.00 320.00 340.00 360.00 360.00 Oregon .............: 100.00 100.00 97.00 107.00 110.00 Irrigated ........: 130.00 135.00 165.00 195.00 195.00 Non-irrigated ....: 70.00 70.00 72.00 75.00 80.00 Washington .........: Irrigated ........: 190.00 200.00 210.00 250.00 245.00 : 48 States 3/ .........: 78.00 79.50 77.50 85.50 90.00 -------------------------------------------------------------------------------- 1/ See page 24 for definition of Regions. 2/ Not published due to insufficient reports. 3/ Excludes Alaska and Hawaii. Pasture Rented for Cash Average Cash Rent per Acre by Region and State: 2005-2009 -------------------------------------------------------------------------------- Region and State 1/ : 2005 : 2006 : 2007 : 2008 : 2009 -------------------------------------------------------------------------------- : dollars : Northeast ............: 24.00 26.00 26.50 27.00 27.00 Pennsylvania .......: 27.00 25.00 30.00 32.00 3/ : Lake States ..........: 26.90 28.00 28.00 29.00 29.00 Minnesota ..........: 20.50 19.00 19.00 21.00 20.50 Wisconsin ..........: 38.00 38.00 38.00 36.00 38.00 : Corn Belt ............: 30.50 31.00 31.00 32.00 31.00 Illinois ...........: 34.50 34.00 35.00 37.00 36.00 Iowa ...............: 36.00 38.00 39.00 42.00 43.00 Missouri ...........: 27.00 26.00 26.00 26.00 25.00 : Northern Plains ......: 12.00 12.50 14.00 15.50 15.50 Kansas .............: 13.40 13.70 14.50 15.50 16.50 Nebraska ...........: 12.00 12.50 14.00 15.50 15.50 North Dakota .......: 10.60 11.30 12.50 13.50 14.00 South Dakota .......: 12.30 12.90 13.80 15.90 16.00 : Appalachian ..........: 21.00 22.00 23.50 23.00 23.50 North Carolina .....: 25.00 25.00 27.00 29.00 29.00 Tennessee ..........: 18.00 19.00 20.00 22.00 22.00 Virginia ...........: 20.00 20.00 21.00 21.00 21.00 : Southeast ............: 19.00 20.00 23.00 23.50 19.50 Alabama ............: 17.50 18.50 19.50 19.50 20.00 Florida ............: 18.50 22.00 24.00 25.00 18.00 Georgia ............: 22.00 25.00 25.00 27.00 22.00 : Delta States .........: 17.00 17.50 20.00 21.50 18.50 Louisiana ..........: 16.50 19.00 23.00 27.00 20.00 Mississippi ........: 16.50 16.00 18.00 18.50 15.00 : Southern Plains ......: 8.40 8.20 6.80 7.20 7.00 Oklahoma ...........: 9.00 8.50 9.50 10.50 10.50 Texas ..............: 6.20 6.10 6.20 6.50 6.20 : Mountain .............: 3.80 4.00 4.50 4.50 4.50 Colorado ...........: 4.30 4.00 5.50 5.50 5.80 Montana ............: 5.90 5.00 6.50 6.50 5.00 New Mexico .........: 1.80 2.00 2.30 2.70 2.70 Utah ...............: 9.00 11.00 5.30 4.80 4.80 Wyoming ............: 4.00 4.50 4.00 4.00 4.00 : Pacific ..............: 13.50 14.50 19.00 18.50 19.50 California .........: 12.00 13.00 14.00 15.00 14.00 : 48 States 2/ .........: 10.30 10.80 10.00 10.50 10.50 -------------------------------------------------------------------------------- 1/ See page 24 for definition of Regions. 2/ Excludes Alaska and Hawaii. 3/ Not published due to insufficient reports. Economic Regions: Northeast:........Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont. Lake States:......Michigan, Minnesota, Wisconsin. Corn Belt:........Illinois, Indiana, Iowa, Missouri, Ohio. Northern Plains:..Kansas, Nebraska, North Dakota, South Dakota. Appalachian:......Kentucky, North Carolina, Tennessee, Virginia, West Virginia. Southeast:........Alabama, Florida, Georgia, South Carolina. Delta States:.....Arkansas, Louisiana, Mississippi. Southern Plains:..Oklahoma, Texas. Mountain:.........Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming. Pacific:..........California, Oregon, Washington. 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 2009, the survey included a stratified sample of 11,168 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 values are subject to an annual revision the following year. After the 5-year Census of Agriculture is completed, land value 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. Cash rent estimates are subject to an annual revision the next year, following the county cash rent survey. 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 2009 area frame survey are listed below: U.S. Regions (range low to high) Farm Real Estate Value (%) 2.1 1.4 to 7.6 All Cropland Value (%) 0.9 1.5 to 6.2 Irrigated Cropland (%) 2.4 1.2 to 8.3 Non-irrigated Cropland (%) 1.4 1.5 to 9.3 Pasture Value (%) 2.9 2.4 to 15.2 Cropland Cash Rent (%) 1.0 0.6 to 9.7 Pasture Cash Rent (%) 4.1 2.6 to 24.7 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. Terms and Definitions: A farm is defined as "any establishment from which $1,000 or more of agricultural products were sold or would normally be sold during the year." Government payments are included in sales. Farm real estate value is defined as the value at which all land and buildings used for agriculture production including dwellings, could be sold under current market conditions, if allowed to remain on the market for a reasonable amount of time. Cash Rent is all land operated that is rented on a per acre basis for cash only. This excludes land rented for a share of the crop or livestock; on a fee per head, per pound of gain, or AUM basis; on a "Whole Farm" basis; land rented free of charge; or land rented that includes buildings such as greenhouses or dairy barns. Cropland value is the value of land used to grow field crops, vegetables or land harvested for hay, except for wild hay. Land that switches back and forth between cropland and pasture should be valued as cropland. Hay land, idle cropland and cropland enrolled in government conservation programs should be valued as cropland. Irrigated cropland value is the value of land that normally receives or has the potential to receive water by artificial means to supplement natural rainfall. Irrigated cropland may consist of both land that will or will not be irrigated during the current year, but still has the facilities and equipment to do so. Irrigation facilities and equipment such as wells, pumps, canals, ditches, reservoirs, lakes, tanks, ponds, rivers, streams or creeks are usually present or on nearby acres. Irrigated cropland is normally worth more than land without irrigation potential or facilities. Non-irrigated cropland value is the value of land that only receives water by natural rainfall. Permanent pasture, grazing and grassland value is the value of land that is normally grazed by livestock. Pasture does not need to have livestock grazing on it at the time of interview or during the current year in order to be valued as permanent pasture or grazing pasture. Information Contacts Listed below are the commodity statisticians in the Economics Section of the Environmental, Economics, and Demographics Branch of the National Agricultural Statistics Service to contact for additional information. E- mail inquiries may be sent to nass@nass.usda.gov. Kevin Barnes, Chief, Environmental, Economics, and Demographics Branch......(202) 720-6146 Kevin Hintzman, Head, Economics Section.....................................(202) 690-3223 Richard Barton - ARMS...............................................(202) 690-1052 Daryl Brinkman - Prices Received....................................(202) 720-8844 Angie Considine - Cash Rents........................................(202) 720-2250 Michael Mathison - ARMS.............................................(202) 720-3243 Seth Riggins - Cash Receipts........................................(202) 720-9168 Scott Shimmin - Land Values.........................................(202) 690-3231 Jennifer Sissom - Prices Paid.......................................(202) 690-3229 Released August 4, 2009, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, U.S. Department of Agriculture. 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