From Realtor Magazine Online, Daily Real Estate News February 6, 2008
Farm real estate prices have risen more than 20 percent in the last two years to a record average price of $2,160 an acre, according to Farm Credit Services of America, an agricultural lender.
Farmland prices were up as much as 23 percent in Iowa, Nebraska, South Dakota and Wyoming in 2007. That’s on top of a 14 percent increase nationwide in 2006.
Iowa State University Extension economist Michael Duffy says the price surge benefits owners of all sizes of farms, but they create a barrier for young farmers starting out.
Farmland is expected to appreciate 6 percent to 12 percent annually over the next three years, on top of average annual farm income of 4 percent to 5 percent.
Source: USA Today, Lynn Hicks, Jerry Perkins (02/05/2008)
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