Values Increase for Cropland, Pastureland, Cash Rents in 2023
Published: Friday, March 15, 2024
The following is from the National Agricultural Statistics Service.
The value of cropland increased in 2023 from the previous year, while the rates producers pay to rent cropland (cash rents) showed a slight increase at the national level. Individual states experienced increases or decreases. For pastureland, the value per acre and the cash rental rate both increased at the national level.
The average value of U.S. cropland (irrigated and non-irrigated) was $5,460 per acre in 2023, increasing 8.1% from 2022. From 2009 to 2023, cropland value increased 107%. For U.S. pastureland, the average value in 2023 was $1,760 per acre, a $110 increase over 2022 and a 66% increase since 2009.
At the state level, the value of cropland in 2023 ranged from $1,170 per acre in Montana to $18,100 per acre in New Jersey.
For pasture, the average value at the state level ranged from $490 per acre in New Mexico to $16,600 in New Jersey. The change in value ranged from a 1.5% increase in Wyoming to a 16.2% increase in Kansas. The Northern Plains region (Kansas, Nebraska, North Dakota and South Dakota) had the highest increase in pasture value per acre at 13.5%.
U.S. farm real estate value—the value of all land and buildings on farms—averaged $4,080 per acre in 2023, an increase of $280 per acre from 2022. At the state level, average value in 2023 ranged from $610 per acre in New Mexico to $18,300 in Rhode Island. The Northern Plains region had the highest increase in farm real estate value at 13.7%.
At $155 per acre, the average rate to rent cropland in the United States in 2023 was $7 higher than in 2022. The average rate per acre for irrigated cropland was $237 (up from $227 in 2022) and non-irrigated cropland was $142 (up from $135 in 2022). For pastureland, the average rental per acre at $15 is up $1 from 2022.
Among states, the rental cost per acre in 2023 ranged from $34.50 in Oklahoma to $347 in Arizona for all cropland.
For irrigated cropland, rates ranged from $86.50 in Wyoming to $486 in California; for non-irrigated cropland, they ranged from $20 in Wyoming to $269 in Iowa; and for pastureland, $2.60 in Arizona to $60.50 in Iowa.
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