The 2024 average Indiana farm real estate value, including land and buildings, averaged $8,510 per acre, according to Nathanial Warenski, state statistician, USDA NASS, Indiana Field Office.
Farm real estate values in Indiana were up 3% from 2023. Indiana is in the Corn Belt region, which also includes Illinois, Iowa, Missouri and Ohio. The Corn Belt region value was $7,930 per acre, up 3.7% from 2023. The value of farmland in states bordering Indiana were: Illinois, $8,700 per acre; Kentucky, $5,300 per acre; Michigan, $6,310 per acre; and Ohio, $8,760 per acre.
Indiana's cropland value was $7,870, up 3.3% from the previous year. The Corn Belt region experienced a 4.5% increase to $8,560 per acre. The average value of cropland in the United States increased 4.7 percent from 2023 to $5,570 per acre. Indiana's pasture value was $2,670 per acre, up 3.1% from 2023.
Cash Rent
Indiana's cropland cash rent was $231 per acre in 2024, up $5 from the previous year. Cropland cash rents in the Corn Belt region increased $6 from last year to $242 per acre. The cropland cash rents in the states bordering Indiana were: Illinois, $269 per acre; Kentucky, $171 per acre; Michigan, $152 per acre; and Ohio, $185 per acre.
Pasture cash rents in the Corn Belt region increased $2.50 to $45 per acre. Pasture cash rent in the United States was $15.50 per acre.
Michigan
The 2024 average Michigan farm real estate value, including land and buildings, averaged $6,310 per acre, according to Marlo Johnson, regional director, USDA NASS, Great Lakes Regional Office.
Farm real estate values in Michigan were up 7.3% from 2023. Michigan is in the Lake States region, which also includes Minnesota and Wisconsin. The Lake States region value was $6,330 per acre, up 4.3% from 2023. The value of farmland in states bordering Michigan were: Indiana, $8,510 per acre; Ohio, $8,760 per acre; and Wisconsin, $6,120 per acre.
Michigan's cropland value was $5,870, up 8.3% from the previous year. The Lake States region experienced a 4.2% increase to $6,470 per acre. The average value of cropland in the United States increased 4.7% from 2023 to $5,570 per acre. Michigan's pasture value was $2,970 per acre, up 4.2% from 2023.
Cash Rent
Michigan's cropland cash rent was $152 per acre in 2024, up $4 from the previous year. Cropland cash rents in the Lake States region increased $2 from last year to $182 per acre. The cropland cash rents in the states bordering Michigan were: Indiana, $231 per acre; Ohio, $185 per acre; and Wisconsin, $162 per acre.
Pasture cash rents in the Lake States region increased $2.50 to $35 per acre. Pasture cash rent in the United States was $15.50 per acre.