EAST LANSING — The 2021 average Michigan farm real estate value, including land and buildings, averaged $5,300 per acre, according to Marlo D. Johnson, Regional Director of USDA, NASS, Great Lakes Regional Office.
Farm real estate values in Michigan were up 7.1 percent from 2020. Michigan is in the Lake States region, which also includes Minnesota and Wisconsin. The Lakes States region value was $5,240 per acre, up 7.8 percent from 2020. The value of farm real estate in States bordering Michigan were: Wisconsin, $5,190 per acre; Ohio, $6,600 per acre; and Indiana, $7,100 per acre.
Michigan’s cropland value increased 4.9 percent from the previous year to $4,700 per acre. The Lake States region experienced a 9.1 percent increase to $5,160 per acre. The average value of cropland in the United States increased 7.8 percent from 2020 to $4,420 per acre. Michigan’s pasture value was $2,740 per acre, up 5.4 percent from 2020.
Michigan’s cropland cash rent was $138.00 per acre in 2021, up $10.00 from the previous year. Cropland cash rents in the Lake States increased $9.00 from last year to $162.00 per acre. The cropland cash rents in the States bordering Michigan were: Wisconsin, $138.00 per acre; Ohio, $160.00 per acre; and Indiana, $200.00 per acre.
Pasture cash rents in the Lake States region increased $2.50 to $30.00 per acre. Pasture cash rent in the United States was $13.00 per acre.
— USDA NASS Great Lakes Region
For more news from Michigan, click here.