The USDA's National Agricultural Statistics Service has released new figures for 2023, indicating a promising year for Minnesota landlords and farmers.
Cropland cash rent saw a remarkable increase, averaging $198.00 per acre. This boost, particularly for non-irrigated cropland, is $13.00 higher than the previous year. Meanwhile, those with irrigated cropland are enjoying an average rent of $215.00 per acre, marking a $15.00 rise since 2022. Pasture lands also witnessed growth, renting at an average of $30.00 per acre, up by $3.00.
But it's not just rent that's seeing positive trends. Minnesota's farm real estate value, which takes into account the worth of all land and buildings on farms, has jumped 7 percent to an average of $6,600 per acre. This surge means that the value has grown by an impressive $450 per acre from last year.
Cropland now stands at a value of $6,820 per acre, rising by $620. On the other hand, pasture values settled at $2,100 per acre, a $90 increase from the previous year.
Photo Credit: gettyimages-sizsus
Categories: Minnesota, Crops