Michigan farmland values, cash rents -- virtually unchanged in 2019 | Michigan Farm News

Michigan farmland values, cash rents -- virtually unchanged in 2019

Category: Crops

by USDA; Farm News Media

farmnews_landvalues
Farm real estate values in Michigan averaged $4,960 and are unchanged from 2018. Michigan is in the Lake States region, which also includes Minnesota and Wisconsin. The Lakes States region value was $4,900 per acre, up slightly from 2018.

Michigan farmers are clearly an optimistic bunch based on the USDA, NASS, Great Lakes Regional Office report on 2019 average Michigan farm real estate and cropland values which showed no decline. In fact, cash rental rates that bumped up 3.3% to $127 per acre, compared to 2018 values.

Farm real estate values in Michigan averaged $4,960 and are unchanged from 2018. Michigan is in the Lake States region, which also includes Minnesota and Wisconsin. The Lakes States region value was $4,900 per acre, up slightly from 2018. The value of farm real estate in states bordering Michigan includes Wisconsin, $4,950 per acre; Ohio, $6,290 per acre; and Indiana, $6,580 per acre.

Michigan’s cropland value decreased slightly from the previous year to $4,500 per acre. The Lake States region experienced a 1% decrease to $4,760 per acre. The average value of cropland in the U.S. increased $50 from 2018 to $4,100 per acre.

Michigan’s cropland cash rent was $127 per acre in 2019, up $4 from the previous year. Cropland cash rents in the Lake States remained unchanged from last year at $153 per acre. The cropland cash rents in the states bordering Michigan were Wisconsin, $142 per acre; Ohio, $155 per acre; and Indiana, $194 per acre.

Pasture cash rents in the Lake States region decreased by 7.4% to $31.50 per acre. Pasture cash rent in the U.S. was $13 per acre.

Land Values

Year

Farm Real Estate

Cropland

Pasture

Michigan

Lake States

U.S.

Michigan

Lake States

U.S.

Michigan

Lake States

U.S.

2016

2017

2018

2019

Percent change from 2018

Dollars/Ac

Dollars/Ac

Dollars/Ac

Dollars/Ac

Dollars/Ac

Dollars/Ac

Dollars/Ac

Dollars/Ac

Dollars/Ac

4,900

4,940

4,960

4,960

0.0

4,730

4,880

4,890

4,900

0.2

2,990

3,030

3,100

3,160

1.9

4,590

4,580

4,510

4,500

-0.2

4,750

4,840

4,810

4,760

-1.0

4,040

4,030

4,050

4,100

1.2

2,650

2,620

2,600

2,590

-0.4

2,020

2,050

2,080

2,080

0.0

1,320

1,330

1,370

1,400

2.2


Cash Rents

Year

Cropland

Pasture

Michigan

Lake States

U.S.

Lake States

U.S.

2016

2017

2018

2019

Percent change from 2018

Dollars/Ac

Dollars/Ac

Dollars/Ac

Dollars/Ac

Dollars/Ac

127.00

123.00

123.00

127.00

3.3

155.00

153.00

153.00

153.00

0.0

136.00

136.00

138.00

140.00

1.4

31.50

33.50

34.00

31.50

-7.4

13.00

12.50

12.50

13.00

4.0