united states department of land values and cash rents ... · 8/3/2007 · u. s. average farm real...
TRANSCRIPT
United StatesDepartment ofAgriculture
NationalAgriculturalStatisticsService
Sp Sy 3 (07)
Land Values and Cash Rents2007 Summary
August 2007
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 1 NASS, USDA
Table of ContentsPage
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
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 2 NASS, USDA
Agricultural Land Values Highlights
Farm real estate values, a measurement of the value of all land and buildings on farms, averaged $2,160 peracre on January 1, 2007, up 14 percent from 2006. The $2,160 per acre is a record high and $260 more thana year earlier.
Both cropland and pasture values for 2007 are record highs. Cropland values rose by 13 percent to $2,700per 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, whichinclude strong commodity prices and farm programs, outside investments, favorable interest rates and taxincentives, and continued commercial and residential development. Livestock prices and recreational useremain 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 to18 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 Plainsregion 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 theCorn Belt region cropland values rose 15 percent, to $3,720 per acre. The Southern Plains region alsoincreased 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. Inthe 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.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 3 NASS, USDA
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 4 NASS, USDA
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 5 NASS, USDA
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 6 NASS, USDA
Farm Real Estate: Average Value per Acre, by Regionand State, January 1, 2003-2007 1
Region and State 2003 2004 2005 2006 2007 Change06-07
Dollars Dollars Dollars Dollars Dollars Percent
Northeast: CT DE ME MD MA NH NJ NY PA RI VTLake States: MI MN WICorn Belt: IL IN IA MO OHNorthern Plains: KS NE ND SDAppalachian: KY NC TN VA WVSoutheast: AL FL GA SCDelta States: AR LA MSSouthern Plains: OK TXMountain: AZ 2
CO ID MT NV 2
NM 2
UT 2
WYPacific: CA OR WA
48 States 3
3,2009,5004,0001,7504,1509,3003,1009,1001,7003,4509,3002,0502,0102,6801,6002,3002,1302,4302,5702,0101,4702,740
594685775425460
2,3701,9003,1002,4002,7001,4002,2701,7602,9002,2002,0501,4601,4801,5001,400
788705810523
1,500730
1,280390480260
1,100300
2,3503,6001,2001,480
1,270
3,55010,200
6,0001,8505,7009,9003,2509,7501,7803,650
10,2002,1502,2202,9201,8002,5002,3002,6102,7702,2001,5802,930
632715825455500
2,5602,0003,3002,5003,2001,5002,4201,8603,1002,3502,1501,5801,6501,5801,480
832745855550
1,600775
1,360410500265
1,150315
2,4803,8001,2501,530
1,360
4,11010,800
8,4001,9507,900
10,5003,450
10,5001,9204,220
11,2002,3002,5203,1502,1002,8502,7203,3303,1402,6501,7903,180
735850940505605
3,1102,5003,9402,8504,0501,9503,5302,4005,4003,2002,4001,7901,8701,7701,6901,000
9001,030
6982,330
9401,750
510650360
1,460370
3,1205,0901,3501,650
1,650
4,55011,40010,200
2,0508,900
11,6003,700
10,9002,0504,790
12,5002,4502,8403,5002,4003,200
*3,0503,8003,6302,9301,980
*3,490 *840 *9401,090 *575
710 *3,460
2,7504,2503,0704,9002,1504,4202,7507,2803,9002,6001,9502,0501,9001,8501,190
9701,250 *951
*3,050 *1,100
2,440 *800 *900
5202,070 *4503,2905,3901,4201,750
1,900
5,00011,70010,400
2,1509,250
11,8004,000
11,3002,2205,670
12,5002,7003,3003,9502,7803,8003,4504,3304,0003,4002,2803,800
9611,0901,230
650820
3,8202,8504,6003,4005,7002,5004,8203,1007,5704,5002,9002,1802,3002,1202,0801,4001,0801,4801,1203,4001,2502,830
9601,100
6102,550
5603,6706,0001,6501,900
2,160
9.92.62.04.93.91.78.13.78.3
18.40.0
10.216.212.915.818.813.113.910.216.015.2
8.914.416.012.813.015.510.4
3.68.2
10.716.316.3
9.012.7
4.015.411.511.812.211.612.417.611.318.417.811.513.616.020.022.217.323.224.411.611.316.2
8.6
13.7
* Revised. 1 See page 18 for definition of Regions. 2 Excludes American Indian Reservation Land. 3 Excludes Alaska and Hawaii.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 7 NASS, USDA
Cropland: Average Value per Acre, by Regionand State, January 1, 2003-2007 1
Region and State 2003 2004 2005 2006 2007 Change06-07
Dollars Dollars Dollars Dollars Dollars Percent
Northeast: DE MD NJ NY PA Oth Sts 2
Lake States: MI MN WICorn Belt: IL IN IA MO OHNorthern Plains: KS NE ND SDAppalachian: KY NC TN VA WVSoutheast: AL FL GA SCDelta States: AR LA MSSouthern Plains: OK TXMountain: AZ 3
CO ID MT NV 3
NM 3
UT 3
WYPacific: CA OR WA
48 States 4
3,4003,8504,0009,3001,3903,5005,9201,8602,3501,5202,2002,2702,5002,5502,1201,5802,750
737684
1,210460681
2,4902,1002,9502,3502,8002,0502,3501,7003,6902,1501,7501,2101,2201,2401,160
863668937
1,1706,0001,0501,680
5201,9001,4702,960
9573,5005,9201,6701,470
1,660
3,8005,7005,6009,9001,4703,7006,2302,0302,5501,6902,3502,4502,7002,7502,3201,6902,940
783705
1,290490747
2,6702,2303,1502,4203,3002,2002,4601,8003,8102,2601,8501,2701,2901,3001,210
902697981
1,2006,4001,0601,710
5481,9501,4502,900
9723,5706,0201,6901,510
1,770
4,3908,0007,600
10,5001,5304,2806,6102,2702,7501,9502,6002,8803,3703,1502,7701,8903,230
916849
1,470546907
3,0402,5003,4502,6504,1003,3003,6602,4507,2202,7502,0501,4601,4601,5101,4101,010
8461,0701,4209,0001,1702,080
6522,3001,5303,0601,0704,6208,2301,8001,610
2,110
5,0409,8008,800
11,2001,8205,1107,0902,5503,0002,1803,000
*3,240 *3,850 *3,670 *3,110 *2,090
3,5401,040 *9261,690
6101,090
*3,470 *2,900
3,6102,9205,3003,5004,5502,9508,7703,7302,1501,6001,5801,6301,590
*1,160 *890
*1,260 *1,730
*10,500 *1,320
2,800 *855
*2,900 *1,720
3,650 *1,185
4,8508,6201,9401,660
2,390
5,4509,9009,100
11,9001,9206,0007,2602,9503,4502,5003,5203,7204,4604,0503,6502,4503,9201,1701,0201,890
6701,2503,8303,0503,9503,3506,0003,9005,1503,4009,4804,4402,5001,7801,7201,8401,8101,330
9791,4701,900
10,8001,4003,1501,0003,1001,8304,0801,3305,4509,7802,1801,750
2,700
8.11.03.46.35.5
17.42.4
15.715.014.717.314.815.810.417.417.210.712.510.211.8
9.814.710.4
5.29.4
14.713.211.413.215.3
8.119.016.311.3
8.912.913.814.710.016.7
9.82.96.1
12.517.0
6.96.4
11.812.212.413.512.4
5.4
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.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 8 NASS, USDA
Irrigated and Non-Irrigated Cropland: Average Value per Acre,by State, January 1, 2003-2007 1
Region, State,and Land Type 2003 2004 2005 2006 2007 Change
06-07
Dollars Dollars Dollars Dollars Dollars Percent
Corn Belt: MO All Cropland Irrigated Non-Irrigated
Northern Plains: KS All Cropland Irrigated Non-Irrigated
NE All Cropland Irrigated Non-Irrigated
SD All Cropland Irrigated Non-Irrigated
Southeast: FL All Cropland Irrigated Non-Irrigated
GA All Cropland Irrigated Non-Irrigated
Delta States: AR All Cropland Irrigated Non-Irrigated
LA All Cropland Irrigated Non-Irrigated
MS All Cropland Irrigated Non-Irrigated
Southern Plains: OK All Cropland Irrigated Non-Irrigated
TX All Cropland Irrigated Non-Irrigated
1,5802,1501,540
6841,080
645
1,2101,650
980
6811,000
675
3,6904,1802,670
2,1501,9002,200
1,2201,3501,100
1,2401,0701,280
1,1601,2301,140
668820660
9371,000
920
1,6902,2501,650
7051,110
665
1,2901,7501,050
7471,080
740
3,8104,4002,850
2,2602,1002,300
1,2901,4501,150
1,3001,1501,340
1,2101,2801,190
697850690
9811,050
965
1,8902,4701,850
8491,240
810
1,4701,9401,230
9071,240
900
7,2208,0506,100
2,7502,7502,750
1,4601,6401,320
1,5101,3601,550
1,4101,4601,400
846990840
1,0701,1501,060
*2,090 *2,750
2,050
*9261,300
890
1,6902,1501,450
1,0901,4601,080
8,7709,5507,900
3,7303,6503,750
1,5801,7301,460
1,6301,4101,680
1,5901,5501,600
*8901,160
880
*1,260 *1,360 *1,240
2,4502,9502,420
1,0201,410
980
1,8902,4001,640
1,2501,7001,240
9,48010,500
8,500
4,4403,7004,600
1,7201,9001,580
1,8401,6001,900
1,8101,8401,800
9791,250
970
1,4701,6301,440
17.27.3
18.0
10.28.5
10.1
11.811.613.1
14.716.414.8
8.19.97.6
19.01.4
22.7
8.99.88.2
12.913.513.1
13.818.712.5
10.07.8
10.2
16.719.916.1
See footnote(s) at end of table. --continued
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 9 NASS, USDA
Irrigated and Non-Irrigated Cropland: Average Value per Acre,by State, 2003-2007 1 2 (continued)
Region, State,and Land Type 2003 2004 2005 2006 2007 Change
06-07
Dollars Dollars Dollars Dollars Dollars Percent
Mountain: AZ All Cropland Irrigated
CO All Cropland Irrigated Non-Irrigated
ID All Cropland Irrigated Non-Irrigated
MT All Cropland Irrigated Non-Irrigated
NV All Cropland Irrigated
NM All Cropland Irrigated Non-Irrigated
UT All Cropland Irrigated Non-Irrigated
WY All Cropland Irrigated Non-Irrigated
Pacific: CA All Cropland Irrigated Non-Irrigated
OR All Cropland Irrigated Non-Irrigated
WA All Cropland Irrigated Non-Irrigated
6,0006,000
1,0502,000
540
1,6802,200
780
5201,580
370
1,9001,900
1,4702,650
270
2,9603,500
775
9571,150
310
5,9206,3002,000
1,6702,2501,200
1,4703,200
950
6,4006,400
1,0602,100
580
1,7102,330
800
5481,680
400
1,9501,950
1,4503,000
270
2,9003,800
850
9721,300
340
6,0206,6002,130
1,6902,3501,250
1,5103,300
990
9,0009,000
1,1702,500
650
2,0803,000
900
6522,000
490
2,3002,300
1,5303,500
350
3,0604,4001,050
1,0701,600
400
8,2309,3702,690
1,8002,5801,360
1,6103,5501,060
*10,500 *10,500
*1,320 *2,900
*800
2,8004,3001,140
*8552,800 *640
*2,900 *2,900
*1,7204,500 *380
3,6505,8001,350
*1,1851,900 *550
8,62010,100
2,980
1,9402,9001,470
1,6603,7301,090
10,80010,800
1,4003,200
900
3,1504,9501,400
1,0003,700
730
3,1003,100
1,8305,400
420
4,0807,2001,600
1,3302,150
800
9,78011,800
3,500
2,1803,3501,700
1,7504,0001,140
2.92.9
6.110.312.5
12.515.122.8
17.032.114.1
6.96.9
6.420.010.5
11.824.118.5
12.213.245.5
13.516.817.4
12.415.515.6
5.47.24.6
* Revised. 1 Only States with significant irrigated acreage appear in this table. 2 See page 18 for definition of Regions.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 10 NASS, USDA
Pasture: Average Value per Acre, by Regionand State, January 1, 2003-2007 1
Region and State 2003 2004 2005 2006 2007 Change06-07
Dollars Dollars Dollars Dollars Dollars Percent
Northeast: MD NJ NY PA Oth Sts 2
Lake States: MI MN WICorn Belt: IL IN IA MO OHNorthern Plains: KS NE ND SDAppalachian: KY NC TN VA WVSoutheast: AL FL GA SCDelta States: AR LA MSSouthern Plains: OK TXMountain: AZ 3
CO ID MT NV 3
NM 3
UT 3
WYPacific: CA OR WA
48 States 4
2,1903,650
10,000720
1,8503,880
9531,600
6251,1001,1201,0601,660
8001,0501,950
258410255170220
2,0001,4603,0102,3502,2501,2002,0101,3502,1002,7501,9001,2301,2101,3101,200
590450620285470430700270255160500220952
1,500450520
605
2,4705,500
10,600775
2,0004,1401,0501,800
7001,2001,2001,1101,780
8801,1302,100
279430275185240
2,2001,5303,2002,4502,8001,2802,1501,4202,2502,9502,0001,3001,3001,3501,270
624475655302500470725285260170520235
1,0201,600
470540
634
2,7707,300
11,300825
2,2004,4801,2901,950
9401,4801,4401,7201,9301,0701,3402,240
343530320220310
2,9101,9804,0003,2203,8501,6604,2001,9505,1505,6002,3001,6201,5901,6701,610
830640869395650620950370350250690280
1,1901,910
510585
820
3,0508,300
11,700890
2,4804,960
*1,5302,1501,150
*1,800 *1,670 *2,050
2,090 *1,400 *1,550 *2,400
*408 *640 *370 *260 *370
*3,440 *2,300 *4,600 *3,520 *4,900
1,880 *5,750 *2,150
7,500 *7,300
2,5501,800
*1,7701,800
*1,8501,030
7601,080 *584 *750
8001,630 *700
620 *2751,160
3601,3402,160
540605
1,000
3,4508,500
12,1001,0203,3006,3801,8002,5701,3802,1002,0102,5002,5001,8001,8202,820
469740420300420
3,9002,6005,1003,8505,5002,1006,5002,4508,3508,1503,0002,1702,1302,1602,2301,290
9001,370
689900800
1,850850720350
1,350480
1,7302,820
630700
1,160
13.12.43.4
14.633.128.617.619.520.016.720.422.019.628.617.417.515.015.613.515.413.513.413.010.9
9.412.211.713.014.011.311.617.620.620.320.020.525.218.426.918.020.0
0.013.521.416.127.316.433.329.130.616.715.7
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.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 11 NASS, USDA
Farm Real Estate: Value of Farmland and Buildings, by Regionand State, January 1, 2002-2006 1
Region and StateTotal value of land and buildings
2002 2003 2004 2005 2006 Change05-06
Million Dollars Million Dollars Million Dollars Million Dollars Million Dollars Percent
Northeast: CT DE ME MD MA NH NJ NY PA RI VTLake States: MI MN WICorn Belt: IL IN IA MO OHNorthern Plains: KS NE ND SDAppalachian: KY NC TN VA WVSoutheast: AL FL GA SCDelta States: AR LA MSSouthern Plains: OK TXMountain: AZ 2
CO ID MT NV 2
NM 2
UT 2
WYPacific: CA OR WA
48 States 3
3,0601,9982,1928,3204,2121,2607,052
12,33325,025
4982,394
24,92241,70033,755
64,62537,14661,05641,67637,986
31,45534,88416,35118,834
25,25426,39026,91021,935
4,788
15,13028,01622,140
9,215
20,44511,37614,776
22,916101,138
10,24621,77014,63222,126
2,52611,428
8,3329,833
93,84019,78021,337
1,099,013
3,4202,1202,3988,5494,8361,3957,462
13,00526,565
5582,563
27,04144,32035,880
66,82538,65363,71744,24740,004
32,33235,57316,74520,148
26,22028,21027,84023,220
5,040
15,66429,58023,760
9,943
21,31211,77515,554
23,759105,705
10,55622,63015,10423,439
2,60311,774
8,76710,332
97,56020,64022,644
1,151,987
3,6723,1502,535
11,6855,1481,4637,995
13,52828,105
6122,688
29,49249,68038,750
71,51441,55069,74047,55842,485
33,74837,78517,92721,900
27,60029,70029,00027,360
5,400
16,27531,31025,14510,428
23,76012,40316,354
25,107111,150
10,84623,94816,04824,641
2,70611,959
9,13110,849
101,46021,50023,256
1,230,046
3,8884,3682,672
16,1165,4601,5538,295
14,49632,494
6722,875
31,81557,75043,890
90,90947,10083,74053,87945,474
40,12042,95819,89726,439
34,50034,67232,77534,425
7,020
20,64054,00033,60011,640
26,92813,80618,675
30,330133,694
13,59228,85820,65030,651
3,47515,41211,38312,728
134,37623,08524,915
1,482,690
4,1045,2532,788
18,1126,0321,6658,611
15,37536,644
7503,038
35,35065,76048,960
103,74054,45092,29559,59849,907
44,36849,81322,65531,027
37,67537,40034,99841,650
7,740
23,65072,80042,12012,610
29,31514,82020,350
32,689162,125
16,31133,77028,79248,080
4,75821,31715,81515,480
141,75724,28226,425
1,707,024
5.620.3
4.312.410.5
7.23.86.1
12.811.6
5.7
11.113.911.6
14.115.610.210.6
9.7
10.616.013.917.4
9.27.96.8
21.010.3
14.634.825.4
8.3
8.97.39.0
7.821.3
20.017.039.456.936.938.338.921.6
5.55.26.1
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.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 12 NASS, USDA
Agricultural Cash Rents Highlights
Nationally, cash rents per acre paid to landlords for cropland rose $5.50 (6.9 percent), while pasture rentsincreased $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, $1.20higher 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 highestpercentage 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 Beltand Northern Plains regions account for slightly more than one half of cash rented cropland acreage in theU.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 rentsaveraged $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 85percent 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.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 13 NASS, USDA
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 14 NASS, USDA
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 15 NASS, USDA
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 Dollars Dollars Dollars Dollars
Northeast: DE MD NJ NY PA
Lake States: MI MN WI
Corn Belt: IL IN IA MO Non-Irrigated OH
Northern Plains: KS Irrigated Non-irrigated NE Irrigated Non-Irrigated ND SD Non-Irrigated
Appalachian: KY NC TN VA WV
Southeast: AL FL Non-Irrigated GA Irrigated Non-Irrigated SC
Delta States: AR Irrigated Non-Irrigated LA Irrigated Non-Irrigated MS Irrigated Non-Irrigated
42.0057.0055.5047.0037.0041.00
74.5060.0082.0068.00
110.00123.00103.00122.00
70.0078.00
48.0039.0068.0036.0092.00
123.0067.0036.50
45.00
52.0070.0051.0062.0036.5028.00
44.0035.00
32.0056.00
105.0040.0028.50
65.0071.0078.0055.0062.0068.0059.0063.0078.0056.00
44.5061.0059.0047.5040.0043.00
76.2062.0083.5070.00
114.00126.00107.00126.00
76.0080.00
50.0041.0072.0037.5095.00
125.0070.0037.50
47.50
55.0072.0053.0067.0039.0030.00
44.5033.00
34.0058.00
110.0042.0028.50
68.5075.0086.0059.0066.0076.0062.0066.0085.0058.00
46.0064.0062.0047.5041.0045.00
78.0062.0086.5070.00
117.00129.00109.00131.00
79.0082.00
53.0042.0073.0038.5097.00
127.0072.0039.00
50.40
58.0073.0053.0067.0040.0028.00
48.0040.00
37.0058.00
115.0041.0029.00
70.5076.0086.0058.0066.0070.0062.0069.0093.0060.00
47.0065.0062.0047.5039.0046.50
80.0065.0088.0071.00
119.00132.00111.00133.00
79.0086.00
53.5044.0074.0039.00
101.00131.00
76.0039.00
53.00
56.0078.0052.00
*67.00 *40.00
30.00
48.0039.00
39.0060.00
*116.0043.0029.00
69.5076.0086.0056.0072.0081.0066.0068.00
*90.0062.00
48.0065.0062.0048.0039.0048.00
85.0073.0094.0072.00
126.00141.00120.00140.00
79.0091.00
58.0048.0082.0041.00
106.00139.00
79.0041.00
56.50
58.0082.0052.5068.0045.0030.00
50.0041.00
40.0060.00
116.0044.0029.50
72.5080.0090.0056.0071.0082.0066.0073.0092.0065.00
See footnote(s) at end of table. --continued
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 16 NASS, USDA
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 Dollars Dollars Dollars Dollars
Southern Plains: OK Non-Irrigated TX Irrigated Non-Irrigated
Mountain: AZ Irrigated CO Irrigated Non-Irrigated ID Irrigated Non-Irrigated MT Irrigated Non-Irrigated UT Irrigated
Pacific: CA Irrigated OR Irrigated Non-Irrigated WA Irrigated
48 States 3
28.00
27.5027.3055.0021.00
60.50
135.0060.0093.0023.0097.00
116.0051.0024.0048.0018.50
61.00
180.00
300.0098.00
120.0065.00
175.00
73.00
30.50
30.0029.8056.0023.70
62.50
150.0058.0091.0022.0099.00
118.0053.0024.5049.0018.90
61.00
180.00
300.00100.00125.00
65.00
185.00
76.50
30.50
29.0029.7057.5023.00
62.00
165.0061.00
100.0023.00
104.00124.00
55.0025.0053.0019.50
65.00
185.00
330.00100.00130.00
70.00
190.00
78.00
29.00
28.0028.00
*50.0023.00
65.00
180.0061.00
100.0023.00
108.00128.00
58.00 *28.00
68.00 *20.00
60.00
192.00
320.00100.00135.00
70.00
200.00
*79.50
29.50
27.0030.0053.0023.00
78.00
170.0059.00
100.0022.00
109.00130.00
58.0028.50
19.5062.0062.00
210.00
340.00100.00135.00
72.00
210.00
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.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 17 NASS, USDA
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 Dollars Dollars Dollars Dollars
Northeast: PA
Lake States: MN WI
Corn Belt: IL IA MO
Northern Plains: KS NE ND SD
Appalachian: NC TN VA
Southeast: AL FL GA
Delta States: LA MS
Southern Plains: OK TX
Mountain: CO MT NM UT WY
Pacific: CA
48 States 2
23.0025.00
23.5019.0036.00
27.0032.5031.0023.50
11.2012.6011.50
9.8011.00
18.0022.0017.5016.50
18.5018.0017.0023.00
16.0015.0016.00
8.008.507.80
3.403.504.501.609.003.50
12.5010.60
9.00
24.0025.00
24.5019.5037.00
29.0034.0032.5026.00
11.8013.2012.0010.2011.60
19.1023.0019.0017.50
19.1018.0017.5024.00
16.6015.5016.50
8.109.007.80
3.603.705.001.70
10.004.00
13.5011.50
9.60
24.0027.00
26.9020.5038.00
30.5034.5036.0027.00
12.0013.4012.0010.6012.30
21.0025.0018.0020.00
19.0017.5018.5022.00
17.0016.5016.50
8.409.008.30
3.804.305.901.809.004.00
13.5012.00
10.30
26.0025.00
28.0019.0038.00
31.0034.0038.0026.00
12.5013.7012.5011.3012.90
22.0025.00
*19.0020.00
20.0018.5022.0025.00
17.5019.0016.00
8.208.508.10
4.004.005.002.00
11.004.50
14.5013.00
10.80
31.0030.00
30.0019.0040.00
31.5035.0039.0026.00
14.0014.5014.0012.5013.80
22.3027.0020.0021.00
22.3019.5024.0025.00
19.5023.0018.00
8.809.508.30
6.205.506.502.00
12.004.50
17.3014.00
12.00
* Revised. 1 See page 18 for definition of Regions. 2 Excludes Alaska and Hawaii.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 18 NASS, USDA
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.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 19 NASS, USDA
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 theJune 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 landareas (segments), averaging approximately 1 square mile in size.
Enumerators collecting data for the June area survey contact all agricultural producers operating land withinthe boundaries of the sampled land segments and record land value information for crop and pasture landwithin these segments. They also collect an estimated value of all land and buildings for the operator’s entirefarming 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 rentpaid.
Survey reported data are reviewed for reasonableness and consistency by comparing with other data reportedin 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 thesummarized indications and any other available information for their State. FOs then set estimates for landvalues and cash rents and submit these recommendations along with their assessment of survey and otheradministrative information to the Agricultural Statistics Board (ASB).
Survey data are also summarized for Regional and National levels and reviewed independently of each State’sreview. 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 andNational levels are resolved.
The State estimates are weighted by the amount of cropland and pasture in each state, based on the mostrecent 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 variabilityof the survey item’s reported data.
Revision Policy: For non-census years, land value and cash rent estimates are subject to an annual revisionthe following year. After the 5-year Census of Agriculture is completed, estimates for the non-census yearsare subject to a final historic revision. The basis for revision must be supported by additional data thatdirectly affect the level of the estimate.
Land Values and Cash Rents 2007 Summary Agricultural Statistics BoardAugust 2007 20 NASS, USDA
Reliability: The June Area Survey from which land value and cash rent estimates are made is subject tosampling and non-sampling errors that are common to all surveys. Both types of error affect the "accuracy" ofthe estimates. Sampling error occurs because a complete census is not taken. The sampling error measuresthe variation in estimates from the average of all possible samples. An estimate of 100 with a sampling errorof 1.0 would mean that chances are 19 out of 20 (95 percent confidence interval) that the estimates from allpossible samples averaged together would be between 98 and 102 (the survey indication plus or minus twotimes 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 32.5All 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 12.9Pasture Value (%) 3.8 2.4 to 21.6Cropland Cash Rent (%) 0.9 0.6 to 9.7Pasture Cash Rent (%) 3.6 2.5 to 35.5
Sampling errors cannot be applied directly to the values published in this report to determine confidenceintervals 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 samplesurveys. They are caused by the inability to obtain correct information from each person sampled, differencesin interpreting questions or definitions, and mistakes in coding or processing data. To minimizenon-sampling errors, vigorous quality controls are used in the data collection process and all data are carefullyreviewed for consistency and reasonableness.
Released August 3, 2007, by the National Agricultural Statistics Service (NASS), Agricultural StatisticsBoard, U.S. Department of Agriculture. For information on Land Values and Cash Rents 2007 Summary callScott Shimmin at (202) 690-3231, office hours 7:30 a.m. to 4:00 p.m. ET.
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