Sp Sy 3 (08) United States Department of Agriculture National Agricultural Statistics Service Land Values and Cash Rents 2008 Summary August 2008 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, 1999-2008 2008 Farm Real Estate Value by State U. S. Average Cropland Value, Dollars per Acre, 1999-2008 2008 Cropland Value by State U. S. Average Pasture Value, Dollars per Acre, 1999-2008 2008 Pasture Value by State Farm Real Estate: Average Value per Acre, by Region and State, January 1, 2004-2008........6 Cropland: Average Value per Acre, by Region and State, January 1, 2004-2008...............7 Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 2004-2008...................................................................8 Pasture: Average Value per Acre, by Region and State, January 1, 2004-2008...............10 Farm Real Estate: Value of Farmland and Buildings, by Region and State, January 1, 2003-2007..............................................11 Agricultural Cash Rents Highlights........................................................12 Agricultural Cash Rent Charts and Maps....................................................13 U. S. Average Cropland Cash Rent, Dollars per Acre, 1999-2008 2008 Cropland Cash Rent by State U.S. Average Pasture Cash Rent, Dollars per Acre, 1999-2008 2008 Pasture Cash Rent by State Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2004-2008..............................................................................15 Pasture Rented for Cash: Average Cash Rent per Acre, by Region and State, 2004-2008..............................................................................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 $2,350 per acre on January 1, 2008, up 8.8 percent from 2007. The $2,350 per acre is a record high and $190 more than a year earlier. Both cropland and pasture values for 2008 are record highs. Cropland values rose by 10 percent to $2,970 per acre, up from the previous high of $2,690 in 2007. Pasture value rose by 6 percent to $1,230 per acre. While commercial and residential development has slowed in many regions, farm real estate values continue to increase. Strong commodity prices and farm programs, outside investments, favorable interest rates, and tax incentives continue to be the factors that drive farm real estate values to record levels. Livestock prices, recreational use, and urban development remain the predominant influences that increase pasture land values. Regional increases in the average value of farm real estate ranged from 1.6 percent in the Northeast region to 15.5 percent in the Northern Plains region. The highest farm real estate values remained in the Northeast region, where development pressure continued to push the average value to $5,080 per acre. The Northern Plains region had the lowest farm real estate value, at $1110 per acre, up 15.5 percent from the previous year. In the Corn Belt region cropland values rose 14.8 percent, to $4,260 per acre. The Southern Plains region increased 12 percent from the previous year, to $1,490 per acre. The Northern Plains region also had the highest average percentage increase in pasture value, 19.7 percent above 2007. 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 17.1 percent and 6.4 percent, respectively. Farm Real Estate: Average Value per Acre, by Region and State, January 1, 2004-2008 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2004 : 2005 : 2006 : 2007 : 2008 : 07-08 -------------------------------------------------------------------------------- : ------------------- Dollars ------------------ Percent : Northeast: : 3,550 4,110 4,550 5,000 5,080 1.6 CT : 10,200 10,800 11,400 11,700 11,500 -1.7 DE : 6,000 8,400 10,200 10,400 9,900 -4.8 ME : 1,850 1,950 2,050 2,150 2,100 -2.3 MD : 5,700 7,900 8,900 9,250 9,100 -1.6 MA : 9,900 10,500 11,600 11,800 12,200 3.4 NH : 3,250 3,450 3,700 4,000 3,900 -2.5 NJ : 9,750 10,500 10,900 11,300 11,300 0.0 NY : 1,780 1,920 2,050 2,220 2,400 8.1 PA : 3,650 4,220 4,790 5,670 5,800 2.3 RI : 10,200 11,200 12,500 12,500 12,000 -4.0 VT : 2,150 2,300 2,450 2,700 2,850 5.6 Lake States: : 2,220 2,520 2,840 3,300 3,580 8.5 MI : 2,920 3,150 3,500 3,950 4,150 5.1 MN : 1,800 2,100 2,400 2,780 3,100 11.5 WI : 2,500 2,850 3,200 3,800 4,070 7.1 Corn Belt: : 2,300 2,720 3,050 3,450 3,910 13.3 IL : 2,610 3,330 3,800 4,330 5,000 15.5 IN : 2,770 3,140 3,630 4,000 4,450 11.3 IA : 2,200 2,650 2,930 3,400 4,000 17.6 MO : 1,580 1,790 1,980 2,280 2,450 7.5 OH : 2,930 3,180 3,490 3,800 4,150 9.2 Northern Plains: : 632 735 840 961 1,110 15.5 KS : 715 850 940 1,090 1,170 7.3 NE : 825 940 1,090 1,230 1,460 18.7 ND : 455 505 575 650 765 17.7 SD : 500 605 710 820 990 20.7 Appalachian: : 2,560 3,110 3,460 3,820 4,020 5.2 KY : 2,000 2,500 2,750 2,850 3,000 5.3 NC : 3,300 3,940 4,250 4,600 4,800 4.3 TN : 2,500 2,850 3,070 3,400 3,650 7.4 VA : 3,200 4,050 4,900 5,700 5,900 3.5 WV : 1,500 1,950 2,150 2,500 2,700 8.0 Southeast: : 2,420 3,530 4,420 4,820 4,960 2.9 AL : 1,860 2,400 2,750 3,100 3,500 12.9 FL : 3,100 5,400 7,280 7,570 7,600 0.4 GA : 2,350 3,200 3,900 4,500 4,500 0.0 SC : 2,150 2,400 2,600 2,900 3,050 5.2 Delta States: : 1,580 1,790 1,950 2,180 2,360 8.3 AR : 1,650 1,870 2,050 2,300 2,500 8.7 LA : 1,580 1,770 1,900 2,120 2,300 8.5 MS : 1,480 1,690 1,850 2,080 2,230 7.2 Southern Plains: : 832 1,000 1,190 1,400 1,550 10.7 OK : 745 900 970 1,080 1,150 6.5 TX : 855 1,030 1,250 1,480 1,690 14.2 Mountain: : 550 698 951 1,120 1,210 8.0 AZ 2/ : 1,600 2,330 3,050 3,400 3,500 2.9 CO : 775 940 1,100 1,250 1,300 4.0 ID : 1,360 1,750 2,440 2,830 2,950 4.2 MT : 410 510 800 960 1,100 14.6 NV 2/ : 500 650 900 1,100 1,150 4.5 NM 2/ : 265 360 520 610 630 3.3 UT 2/ : 1,150 1,460 2,070 2,550 2,750 7.8 WY : 315 370 450 560 670 19.6 Pacific: : 2,480 3,120 3,290 3,670 3,990 8.7 CA : 3,800 5,090 5,390 6,000 6,500 8.3 OR : 1,250 1,350 1,420 1,650 1,800 9.1 WA : 1,530 1,650 1,750 1,900 2,090 10.0 : 48 States 3/ : 1,360 1,650 1,900 2,160 2,350 8.8 -------------------------------------------------------------------------------- 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, 2004-2008 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2004 : 2005 : 2006 : 2007 : 2008 : 07-08 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 3,800 4,390 5,040 5,450 5,900 8.3 DE : 5,700 8,000 9,800 9,900 9,400 -5.1 MD : 5,600 7,600 8,800 9,100 8,900 -2.2 NJ : 9,900 10,500 11,200 11,900 11,700 -1.7 NY : 1,470 1,530 1,820 1,920 2,200 14.6 PA : 3,700 4,280 5,110 6,000 7,100 18.3 Oth Sts 2/ : 6,230 6,610 7,070 7,260 7,410 2.1 Lake States: : 2,030 2,270 2,550 2,950 3,250 10.2 MI : 2,550 2,750 3,000 3,450 3,700 7.2 MN : 1,690 1,950 2,180 2,500 2,820 12.8 WI : 2,350 2,600 3,000 3,520 3,810 8.2 Corn Belt: : 2,450 2,880 3,240 *3,710 4,260 14.8 IL : 2,700 3,370 3,850 4,460 5,320 19.3 IN : 2,750 3,150 3,670 4,050 4,550 12.3 IA : 2,320 2,770 3,110 *3,630 4,310 18.7 MO : 1,690 1,890 2,090 2,450 2,660 8.6 OH : 2,940 3,230 3,540 3,920 4,250 8.4 Northern Plains: : 783 916 1,040 1,170 1,390 18.8 KS : 705 849 926 1,020 1,180 15.7 NE : 1,290 1,470 1,690 1,890 2,270 20.1 ND : 490 546 610 670 800 19.4 SD : 747 907 1,090 1,250 1,500 20.0 Appalachian: : 2,670 3,040 3,470 3,830 4,060 6.0 KY : 2,230 2,500 2,900 3,050 3,260 6.9 NC : 3,150 3,450 3,610 3,950 4,140 4.8 TN : 2,420 2,650 2,920 3,350 3,600 7.5 VA : 3,300 4,100 5,300 6,000 6,300 5.0 WV : 2,200 3,300 3,500 3,900 4,100 5.1 Southeast: : 2,460 3,660 4,550 5,150 5,420 5.2 AL : 1,800 2,450 2,950 3,400 3,900 14.7 FL : 3,810 7,220 8,770 9,480 9,410 -0.7 GA : 2,260 2,750 3,730 4,440 4,770 7.4 SC : 1,850 2,050 2,150 2,500 2,700 8.0 Delta States: : 1,270 1,460 1,600 1,780 1,910 7.3 AR : 1,290 1,460 1,580 1,720 1,820 5.8 LA : 1,300 1,510 1,630 1,840 2,030 10.3 MS : 1,210 1,410 1,590 1,810 1,940 7.2 Southern Plains: : 902 1,010 1,160 1,330 1,490 12.0 OK : 697 846 890 979 1,110 13.4 TX : 981 1,070 1,260 1,470 1,640 11.6 Mountain: : 1,200 1,420 1,730 *1,860 1,940 4.3 AZ 3/ : 6,400 9,000 10,500 10,800 11,500 6.5 CO : 1,060 1,170 1,320 1,400 1,470 5.0 ID : 1,710 2,080 2,800 3,150 3,300 4.8 MT : 548 652 855 *930 945 1.6 NV 3/ : 1,950 2,300 2,900 3,100 3,150 1.6 NM 3/ : 1,450 1,530 1,720 1,830 1,980 8.2 UT 3/ : 2,900 3,060 3,650 4,080 3,990 -2.2 WY : 972 1,070 1,185 1,330 1,410 6.0 Pacific: : 3,570 4,620 4,850 5,450 5,600 2.8 CA : 6,020 8,230 8,620 9,780 9,960 1.8 OR : 1,690 1,800 1,940 2,180 2,260 3.7 WA : 1,510 1,610 1,660 1,750 1,890 8.0 : 48 States 4/ : 1,770 2,110 2,390 *2,690 2,970 10.4 -------------------------------------------------------------------------------- * 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, 2004-2008 1/ -------------------------------------------------------------------------------- Region, State, : : : : : : Change and Land Type : 2004 : 2005 : 2006 : 2007 : 2008 : 07-08 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Corn Belt: : MO All Cropland : 1,690 1,890 2,090 2,450 2,660 8.6 Irrigated : 2,250 2,470 2,750 2,950 3,170 7.5 Non-Irrigated : 1,650 1,850 2,050 2,420 2,630 8.7 : Northern Plains: : KS All Cropland : 705 849 926 1,020 1,180 15.7 Irrigated : 1,110 1,240 1,300 1,410 1,660 17.7 Non-Irrigated : 665 810 890 980 1,130 15.3 : NE All Cropland : 1,290 1,470 1,690 1,890 2,270 20.1 Irrigated : 1,750 1,940 2,150 2,400 2,900 20.8 Non-Irrigated : 1,050 1,230 1,450 1,640 1,950 18.9 : SD All Cropland : 747 907 1,090 1,250 1,500 20.0 Irrigated : 1,080 1,240 1,460 1,700 1,970 15.9 Non-Irrigated : 740 900 1,080 1,240 1,490 20.2 : Southeast: : FL All Cropland : 3,810 7,220 8,770 9,480 9,410 -0.7 Irrigated : 4,400 8,050 9,550 10,500 10,500 0.0 Non-Irrigated : 2,850 6,100 7,900 8,500 8,500 0.0 : GA All Cropland : 2,260 2,750 3,730 4,440 4,770 7.4 Irrigated : 2,100 2,750 3,650 3,700 3,750 1.4 Non-Irrigated : 2,300 2,750 3,750 4,600 5,000 8.7 : Delta States: : AR All Cropland : 1,290 1,460 1,580 1,720 1,820 5.8 Irrigated : 1,450 1,640 1,730 1,900 1,980 4.2 Non-Irrigated : 1,150 1,320 1,460 1,580 1,700 7.6 : LA All Cropland : 1,300 1,510 1,630 1,840 2,030 10.3 Irrigated : 1,150 1,360 1,410 1,600 1,740 8.8 Non-Irrigated : 1,340 1,550 1,680 1,900 2,100 10.5 : MS All Cropland : 1,210 1,410 1,590 1,810 1,940 7.2 Irrigated : 1,280 1,460 1,550 1,840 2,120 15.2 Non-Irrigated : 1,190 1,400 1,600 1,800 1,900 5.6 : Southern Plains: : OK All Cropland : 697 846 890 979 1,110 13.4 Irrigated : 850 990 1,160 1,250 1,400 12.0 Non-Irrigated : 690 840 880 970 1,100 13.4 : TX All Cropland : 981 1,070 1,260 1,470 1,640 11.6 Irrigated : 1,050 1,150 1,360 1,630 1,830 12.3 Non-Irrigated : 965 1,060 1,240 1,440 1,620 12.5 -------------------------------------------------------------------------------- --continued Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, 2004-2008 1/ 2/ (continued) -------------------------------------------------------------------------------- Region, State, : : : : : : Change and Land Type : 2004 : 2005 : 2006 : 2007 : 2008 : 07-08 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Mountain: : AZ All Cropland : 6,400 9,000 10,500 10,800 11,500 6.5 Irrigated : 6,400 9,000 10,500 10,800 11,500 6.5 : CO All Cropland : 1,060 1,170 1,320 1,400 1,470 5.0 Irrigated : 2,100 2,500 2,900 3,200 3,500 9.4 Non-Irrigated : 580 650 800 900 1,000 11.1 : ID All Cropland : 1,710 2,080 2,800 3,150 3,300 4.8 Irrigated : 2,330 3,000 4,300 4,950 5,300 7.1 Non-Irrigated : 800 900 1,140 1,400 1,600 14.3 : MT All Cropland : 548 652 855 *930 945 1.6 Irrigated : 1,680 2,000 2,800 3,700 3,800 2.7 Non-Irrigated : 400 490 640 *650 680 4.6 : NV All Cropland : 1,950 2,300 2,900 3,100 3,150 1.6 Irrigated : 1,950 2,300 2,900 3,100 3,150 1.6 : NM All Cropland : 1,450 1,530 1,720 1,830 1,980 8.2 Irrigated : 3,000 3,500 4,500 5,400 6,500 20.4 Non-Irrigated : 270 350 380 420 500 19.0 : UT All Cropland : 2,900 3,060 3,650 4,080 3,990 -2.2 Irrigated : 3,800 4,400 5,800 7,200 7,820 8.6 Non-Irrigated : 850 1,050 1,350 1,600 1,660 3.8 : WY All Cropland : 972 1,070 1,185 1,330 1,410 6.0 Irrigated : 1,300 1,600 1,900 2,150 2,500 16.3 Non-Irrigated : 340 400 550 800 900 12.5 : Pacific: : CA All Cropland : 6,020 8,230 8,620 9,780 9,960 1.8 Irrigated : 6,600 9,370 10,100 11,800 12,400 5.1 Non-Irrigated : 2,130 2,690 2,980 3,500 3,600 2.9 : OR All Cropland : 1,690 1,800 1,940 2,180 2,260 3.7 Irrigated : 2,350 2,580 2,900 3,350 3,550 6.0 Non-Irrigated : 1,250 1,360 1,470 1,700 1,800 5.9 : WA All Cropland : 1,510 1,610 1,660 1,750 1,890 8.0 Irrigated : 3,300 3,550 3,730 4,000 4,350 8.8 Non-Irrigated : 990 1,060 1,090 1,140 1,250 9.6 -------------------------------------------------------------------------------- * 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, 2004-2008 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2004 : 2005 : 2006 : 2007 : 2008 : 07-08 -------------------------------------------------------------------------------- : ------------------- Dollars ------------------ Percent : Northeast: : 2,470 2,770 3,050 3,450 3,650 5.8 MD 2/ : 5,500 7,300 8,300 NJ : 10,600 11,300 11,700 12,100 12,500 3.3 NY : 775 825 890 1,020 1,200 17.6 PA : 2,000 2,200 2,480 3,300 3,700 12.1 Oth Sts 3/ : 4,140 4,480 4,960 6,380 6,490 1.7 Lake States: : 1,050 1,290 1,530 1,800 1,940 7.8 MI : 1,800 1,950 2,150 2,570 2,800 8.9 MN : 700 940 1,150 1,380 1,550 12.3 WI : 1,200 1,480 1,800 2,100 2,250 7.1 Corn Belt: : 1,200 1,440 1,670 2,010 2,220 10.4 IL : 1,110 1,720 2,050 2,500 2,800 12.0 IN : 1,780 1,930 2,090 2,500 2,800 12.0 IA : 880 1,070 1,400 1,800 2,100 16.7 MO : 1,130 1,340 1,550 1,820 1,920 5.5 OH : 2,100 2,240 2,400 2,820 3,400 20.6 Northern Plains: : 279 343 408 *472 565 19.7 KS : 430 530 640 740 860 16.2 NE : 275 320 370 *430 530 23.3 ND : 185 220 260 300 350 16.7 SD : 240 310 370 420 500 19.0 Appalachian: : 2,200 2,910 3,440 3,900 4,200 7.7 KY : 1,530 1,980 2,300 2,600 2,700 3.8 NC : 3,200 4,000 4,600 5,100 5,250 2.9 TN : 2,450 3,220 3,520 3,850 4,100 6.5 VA : 2,800 3,850 4,900 5,500 5,700 3.6 WV : 1,280 1,660 1,880 2,100 2,100 0.0 Southeast: : 2,150 4,200 5,750 6,500 6,400 -1.5 AL : 1,420 1,950 2,150 2,450 2,700 10.2 FL : 2,250 5,150 7,500 8,350 8,000 -4.2 GA : 2,950 5,600 7,300 8,150 7,800 -4.3 SC : 2,000 2,300 2,550 3,000 3,100 3.3 Delta States: : 1,300 1,620 1,800 2,170 2,300 6.0 AR : 1,300 1,590 1,770 2,130 2,270 6.6 LA : 1,350 1,670 1,800 2,160 2,290 6.0 MS : 1,270 1,610 1,850 2,230 2,360 5.8 Southern Plains: : 624 830 1,030 1,290 1,510 17.1 OK : 475 640 760 900 1,000 11.1 TX : 655 869 1,080 1,370 1,610 17.5 Mountain: : 302 395 584 689 733 6.4 AZ 4/ : 500 650 750 900 950 5.6 CO : 470 620 800 800 800 0.0 ID : 725 950 1,630 1,850 1,900 2.7 MT : 285 370 700 850 910 7.1 NV 4/ : 260 350 620 720 760 5.6 NM 4/ : 170 250 275 350 370 5.7 UT 4/ : 520 690 1,160 1,350 1,350 0.0 WY : 235 280 360 480 570 18.8 Pacific: : 1,020 1,190 1,340 1,730 1,900 9.8 CA : 1,600 1,910 2,160 2,820 3,050 8.2 OR : 470 510 540 630 700 11.1 WA : 540 585 605 700 800 14.3 : 48 States 5/ : 634 761 1,000 1,160 1,230 6.0 -------------------------------------------------------------------------------- * Revised. 1/ See page 18 for definition of Regions. 2/ Not published due to insufficient reports. 3/ Includes: CT, DE, ME, MA, NH, RI, and VT. 4/ Excludes American Indian Reservation Land. 5/ Excludes Alaska and Hawaii. Farm Real Estate: Value of Farmland and Buildings, by Region and State, January 1, 2003-2007 1/ -------------------------------------------------------------------------------- : Total value of land and buildings :----------------------------------------------------------- : : : : : : Change Region and State : 2003 : 2004 : 2005 : 2006 : 2007 : 06-07 -------------------------------------------------------------------------------- :---------------- Million Dollars ---------------- Percent : Northeast: : CT : 3,420 3,672 3,888 4,104 4,212 2.6 DE : 2,120 3,150 4,368 5,253 5,356 2.0 ME : 2,398 2,535 2,672 2,788 2,924 4.9 MD : 8,549 11,685 16,116 18,112 18,824 3.9 MA : 4,836 5,148 5,460 6,032 6,136 1.7 NH : 1,395 1,463 1,553 1,665 1,800 8.1 NJ : 7,462 7,995 8,295 8,611 8,927 3.7 NY : 13,005 13,528 14,496 15,375 16,650 8.3 PA : 26,565 28,105 32,494 36,644 43,376 18.4 RI : 558 612 672 750 750 VT : 2,563 2,688 2,875 3,038 3,294 8.4 Lake States: : MI : 27,041 29,492 31,815 35,350 39,500 11.7 MN : 44,320 49,680 57,750 65,760 76,172 15.8 WI : 35,880 38,750 43,890 48,960 57,760 18.0 Corn Belt: : IL : 66,825 71,514 90,909 103,740 118,209 13.9 IN : 38,653 41,550 47,100 54,450 60,000 10.2 IA : 63,717 69,740 83,740 92,295 107,100 16.0 MO : 44,247 47,558 53,879 59,598 68,400 14.8 OH : 40,004 42,485 45,474 49,907 53,960 8.1 Northern Plains: : KS : 32,332 33,748 40,120 44,368 51,448 16.0 NE : 35,573 37,785 42,958 49,813 56,088 12.6 ND : 16,745 17,927 19,897 22,655 25,610 13.0 SD : 20,148 21,900 26,439 31,027 35,834 15.5 Appalachian: : KY : 26,220 27,600 34,500 37,675 39,045 3.6 NC : 28,210 29,700 34,672 37,400 40,480 8.2 TN : 27,840 29,000 32,775 34,998 38,760 10.7 VA : 23,220 27,360 34,425 41,650 48,507 16.5 WV : 5,040 5,400 7,020 7,740 9,000 16.3 Southeast: : AL : 15,664 16,275 20,640 23,650 26,660 12.7 FL : 29,580 31,310 54,000 72,800 75,700 4.0 GA : 23,760 25,145 33,600 42,120 45,000 6.8 SC : 9,943 10,428 11,640 12,610 14,065 11.5 Delta States: : AR : 21,312 23,760 26,928 29,315 32,890 12.2 LA : 11,775 12,403 13,806 14,820 16,536 11.6 MS : 15,554 16,354 18,675 20,350 22,880 12.4 Southern Plains: : OK : 23,759 25,107 30,330 32,689 36,396 11.3 TX : 105,705 111,150 133,694 162,125 191,660 18.2 Mountain: : AZ 2/ : 10,556 10,846 13,592 16,311 17,406 6.7 CO : 22,630 23,948 28,858 33,770 38,375 13.6 ID : 15,104 16,048 20,650 28,792 33,111 15.0 MT : 23,439 24,641 30,651 48,080 57,600 19.8 NV 2/ : 2,603 2,706 3,475 4,758 5,784 21.6 NM 2/ : 11,774 11,959 15,412 21,317 24,944 17.0 UT 2/ : 8,767 9,131 11,383 15,815 19,302 22.0 WY : 10,332 10,849 12,728 15,480 19,264 24.4 Pacific: : CA : 97,560 101,460 134,376 141,757 157,200 10.9 OR : 20,640 21,500 23,085 24,282 28,050 15.5 WA : 22,644 23,256 24,915 26,425 28,690 8.6 : 48 States 3/ :1,151,987 1,230,046 1,482,690 1,707,024 1,929,635 13.0 -------------------------------------------------------------------------------- 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 $11.00 (13 percent), while pasture rents increased $1.00 (8.3 percent) for the 2008 crop and grazing year. Cropland cash rents paid in 2008 averaged $96.00 per acre, compared with $85.00 per acre for 2007. Pasture cash rents averaged $13.00 per acre, compared with $12.00 per acre for 2007. The increases in cropland and pasture land rental rates are the result of producers receiving strong commodity prices. The Delta region had the highest percentage increase for cropland, 21 percent above 2007. Cropland cash rents increased $14.00 per acre to $140.00 in the Corn Belt region and $6.00 per acre to $64.00 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 13, 13, and 18, percent respectively, for cropland cash rents. Illinois, Indiana, and Iowa cropland cash rents averaged $160.00, $135.00, and $165.00 per acre, respectively. While pasture rent in the Northern Plains remained unchanged from the pervious year, rents in the Southern Plains, and Mountain regions both increased by 30 cents. The Northern Plains, Southern Plains, and Mountain region account for nearly 85 percent of the cash rented pasture acreage in the U.S. The cash rent paid for pasture in the Corn Belt region increased $4.50 to $36.00 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, 2004-2008 1/ 2/ -------------------------------------------------------------------------------- Region, State, : : : : : and Land Type : 2004 : 2005 : 2006 : 2007 : 2008 -------------------------------------------------------------------------------- : Dollars : Northeast: : 44.50 46.00 47.00 48.00 51.00 DE : 61.00 64.00 65.00 65.00 75.00 MD : 59.00 62.00 62.00 62.00 65.00 NJ : 47.50 47.50 47.50 48.00 50.00 NY : 40.00 41.00 39.00 39.00 44.00 PA : 43.00 45.00 46.50 48.00 55.00 : Lake States: : 76.20 78.00 80.00 85.00 98.00 MI : 62.00 62.00 65.00 73.00 80.00 MN : 83.50 86.50 88.00 94.00 109.00 WI : 70.00 70.00 71.00 72.00 85.00 : Corn Belt: : 114.00 117.00 119.00 126.00 140.00 IL : 126.00 129.00 132.00 141.00 160.00 IN : 107.00 109.00 111.00 120.00 135.00 IA : 126.00 131.00 133.00 140.00 165.00 MO : Non-Irrigated : 76.00 79.00 79.00 79.00 85.00 OH : 80.00 82.00 86.00 91.00 103.00 : Northern Plains: : 50.00 53.00 53.50 58.00 64.00 KS : 41.00 42.00 44.00 48.00 52.00 Irrigated : 72.00 73.00 74.00 82.00 88.00 Non-irrigated : 37.50 38.50 39.00 41.00 45.00 NE : 95.00 97.00 101.00 106.00 123.00 Irrigated : 125.00 127.00 131.00 139.00 155.00 Non-Irrigated : 70.00 72.00 76.00 79.00 95.00 ND : 37.50 39.00 39.00 41.00 45.00 SD : Non-Irrigated : 47.50 50.40 53.00 56.50 65.00 : Appalachian: : 55.00 58.00 56.00 58.00 58.00 KY : 72.00 73.00 78.00 82.00 82.00 NC : 53.00 53.00 52.00 52.50 55.00 TN : 67.00 67.00 67.00 *67.00 65.00 VA : 39.00 40.00 40.00 45.00 45.00 WV : 30.00 28.00 30.00 30.00 31.00 : Southeast: : 44.50 48.00 48.00 50.00 57.00 AL : 33.00 40.00 39.00 41.00 41.00 FL : Non-Irrigated : 34.00 37.00 39.00 40.00 40.00 GA : 58.00 58.00 60.00 60.00 65.00 Irrigated : 110.00 115.00 116.00 116.00 125.00 Non-Irrigated : 42.00 41.00 43.00 44.00 48.00 SC : 28.50 29.00 29.00 29.50 32.50 : Delta States: : 68.50 70.50 69.50 72.50 88.00 AR : 75.00 76.00 76.00 80.00 85.00 Irrigated : 86.00 86.00 86.00 90.00 94.00 Non-Irrigated : 59.00 58.00 56.00 56.00 61.00 LA : 66.00 66.00 72.00 71.00 77.00 Irrigated : 76.00 70.00 81.00 82.00 97.00 Non-Irrigated : 62.00 62.00 66.00 66.00 67.00 MS : 66.00 69.00 68.00 73.00 87.00 Irrigated : 85.00 93.00 90.00 92.00 103.00 Non-Irrigated : 58.00 60.00 62.00 65.00 77.00 -------------------------------------------------------------------------------- See footnote(s) at end of table. --continued Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2004-2008 1/ 2/ (continued) -------------------------------------------------------------------------------- Region, State, : : : : : and Land Type : 2004 : 2005 : 2006 : 2007 : 2008 -------------------------------------------------------------------------------- : Dollars : Southern Plains: : 30.50 30.50 29.00 29.50 34.00 OK : Non-Irrigated : 30.00 29.00 28.00 27.00 29.00 TX : 29.80 29.70 28.00 30.00 32.00 Irrigated : 56.00 57.50 50.00 53.00 55.00 Non-Irrigated : 23.70 23.00 23.00 23.00 25.00 : Mountain: : 62.50 62.00 65.00 78.00 86.00 AZ : Irrigated : 150.00 165.00 180.00 170.00 180.00 CO : 58.00 61.00 61.00 59.00 62.00 Irrigated : 91.00 100.00 100.00 100.00 115.00 Non-Irrigated : 22.00 23.00 23.00 22.00 24.00 ID : 99.00 104.00 108.00 109.00 130.00 Irrigated : 118.00 124.00 128.00 130.00 150.00 Non-Irrigated : 53.00 55.00 58.00 58.00 55.00 MT : 24.50 25.00 28.00 28.50 29.00 Irrigated 3/ : 49.00 53.00 68.00 Non-Irrigated : 18.90 19.50 20.00 19.50 21.10 UT : Irrigated : 61.00 65.00 60.00 62.00 65.00 : Pacific: : 180.00 185.00 192.00 210.00 230.00 CA : Irrigated : 300.00 330.00 320.00 340.00 360.00 OR : 100.00 100.00 100.00 100.00 110.00 Irrigated : 125.00 130.00 135.00 135.00 145.00 Non-Irrigated : 65.00 70.00 70.00 72.00 75.00 WA : Irrigated : 185.00 190.00 200.00 210.00 230.00 : 48 States 4/ : 76.50 78.00 79.50 85.00 96.00 -------------------------------------------------------------------------------- * Revised. 1/ Unless otherwise specified as irrigated or non-irrigated, data are for all cropland. 2/ See page 18 for definition of Regions. 3/ Not published due to insufficient reports. 4/ Excludes Alaska and Hawaii. Pasture Rented for Cash: Average Cash Rent per Acre, by Region and State, 2004-2008 1/ -------------------------------------------------------------------------------- Region and State : 2004 : 2005 : 2006 : 2007 : 2008 -------------------------------------------------------------------------------- : Dollars : Northeast: : 24.00 24.00 26.00 31.00 31.50 PA 2/ : 25.00 27.00 25.00 : Lake States: : 24.50 26.90 28.00 30.00 33.00 MN : 19.50 20.50 19.00 19.00 21.00 WI : 37.00 38.00 38.00 40.00 43.00 : Corn Belt: : 29.00 30.50 31.00 31.50 36.00 IL : 34.00 34.50 34.00 35.00 40.00 IA : 32.50 36.00 38.00 39.00 42.00 MO : 26.00 27.00 26.00 26.00 29.00 : Northern Plains: : 11.80 12.00 12.50 14.00 14.00 KS : 13.20 13.40 13.70 14.50 15.50 NE : 12.00 12.00 12.50 14.00 14.20 ND : 10.20 10.60 11.30 12.50 13.40 SD : 11.60 12.30 12.90 13.80 15.90 : Appalachian: : 19.10 21.00 22.00 22.30 23.00 NC : 23.00 25.00 25.00 27.00 29.00 TN : 19.00 18.00 19.00 20.00 22.00 VA : 17.50 20.00 20.00 21.00 22.00 : Southeast: : 19.10 19.00 20.00 22.30 22.00 AL : 18.00 17.50 18.50 19.50 19.00 FL : 17.50 18.50 22.00 24.00 25.00 GA : 24.00 22.00 25.00 25.00 30.00 : Delta States: : 16.60 17.00 17.50 19.50 28.00 LA : 15.50 16.50 19.00 23.00 28.00 MS : 16.50 16.50 16.00 18.00 19.50 : Southern Plains: : 8.10 8.40 8.20 8.80 9.10 OK : 9.00 9.00 8.50 9.50 10.00 TX : 7.80 8.30 8.10 8.30 8.70 : Mountain: : 3.60 3.80 4.00 6.20 6.50 CO : 3.70 4.30 4.00 5.50 5.00 MT : 5.00 5.90 5.00 6.50 7.50 NM : 1.70 1.80 2.00 2.00 3.00 UT : 10.00 9.00 11.00 12.00 14.00 WY : 4.00 4.00 4.50 4.50 7.00 : Pacific: : 13.50 13.50 14.50 17.30 18.00 CA : 11.50 12.00 13.00 14.00 15.00 : 48 States 3/ : 9.60 10.30 10.80 12.00 13.00 -------------------------------------------------------------------------------- 1/ See page 18 for definition of Regions. 2/ Not published due to insufficient reports. 3/ 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 2008, 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 2008 area frame survey are listed below: U.S. Regions (range low to high) Farm Real Estate Value (%) 6.8 1.4 to 34.4 All Cropland Value (%) 1.4 1.5 to 8.6 Irrigated Cropland (%) 3.8 1.8 to 10.5 Non-irrigated Cropland (%) 2.5 1.6 to 20.1 Pasture Value (%) 4.4 2.4 to 16.3 Cropland Cash Rent (%) 1.1 0.6 to 11.1 Pasture Cash Rent (%) 2.9 2.4 to 21.1 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 4, 2008, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, U.S. Department of Agriculture. For information on "Land Values and Cash Rents 2008 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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