United States Department of Agriculture National Agricultural Statistics Service Sp Sy 3 (04) Land Values and Cash Rents 2004 Summary August 2004 Table of Contents Page Agricultural Land Values Highlights. . . . . . . . . . . . .2 Agricultural Land Values Charts and Maps . . . . . . . . . .3 U. S. Average Farm Real Estate Value, Dollars per Acre, 1982-2004 2004 Farm Real Estate Value by State U. S. Average Cropland Value, Dollars per Acre, 1997-2004 2004 Cropland Value by State U. S. Average Pasture Value, Dollars per Acre, 1997-2004 2004 Pasture Value by State Farm Real Estate: Average Value per Acre, by Region and State, January 1, 2000-2004. . . . . . . . . . . . . . . . . . . . . . . . . .6 Cropland: Average Value per Acre, by Region and State, January 1, 2000-2004. . . . . . . . . . . . . . . . . . . . . . . . . .7 Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 2000-2004. . . . . . . . . . . . . . . . . . .8 Pasture: Average Value per Acre, by Region and State, January 1, 2000-2004 . . . . . . . . . . . . . . . . . . . . . . . . 10 Agricultural Cash Rents Highlights . . . . . . . . . . . . 11 Agricultural Cash Rent Charts and Maps . . . . . . . . . . 12 U. S. Average Cropland Cash Rent, Dollars per Acre, 1998-2004 2004 Cropland Cash Rent by State U. S. Average Pasture Cash Rent, Dollars per Acre, 1998-2004 2004 Pasture Cash Rent by State Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2000-2004 . . . . . . . . . . . . . . . . . . . . . . . 14 Pasture Rented for Cash: Average Cash Rent per Acre, by Region and State, 2000-2004 . . . . . . . . . . . . . . . . . . . . . . . 16 Economic Regions . . . . . . . . . . . . . . . . . . . . . 17 Reliability of Data in this Report . . . . . . . . . . . . 18 Agricultural Land Values Highlights Farm real estate values, a measurement of the value of all land and buildings on farms, averaged $1,360 per acre on January 1, 2004, up 7.1 percent from 2003. This is the largest percentage increase since 1994, when farm real estate values rose 8.0 percent from the previous year. The $90 per acre increase is the largest dollar increase since 1980, when values climbed $109 per acre above the 1979 value. Cropland and pasture values rose by 7.2 and 6.4 percent, respectively, from January 1, 2003. Cropland values averaged $1,780 per acre and pasture values averaged $644 per acre on January 1, 2004, compared with $1,660 and $605 per acre, respectively, a year earlier. The value of other land and buildings rose 7.5 percent. The increase in farm real estate values was driven by a combination of factors, including low interest rates, high commodity production and prices, and strong demand for nonagricultural land uses. Nationally, summarized survey data indicated that agricultural land with potential for immediate development (expected land use if sold) was valued at more than $5,700 per acre. The survey also indicated that agricultural land with potential for future development was valued at nearly $4,000 per acre. Demand for farm real estate as an investment continued, but was limited by strong appreciation of alternative investments. Regional increases in the average value of farm real estate ranged from 5.2 percent in the Mountain region to 10.4 percent in the Lake region. The highest farm real estate values were in the Northeast region, where urban influences drove the average value to $3,400 per acre. In the Corn Belt region, where commodity production and prices were favorable during 2003, farm real estate values rose 8.0 percent, to $2,300 per acre. The Mountain region, with its expanse of pasture and rangeland, has the lowest farm real estate value, at $550 per acre. Cropland values rose 9.1 percent, to $2,030 per acre, in the Lake region and 8.4 percent, to $2,460 per acre, in the Corn Belt. Together these regions account for nearly one-third of the U.S. total cropland acres. The highest average cropland values, at $3,660 per acre, are in the Pacific region, where a significant portion of the cropland is irrigated. Farm Real Estate: Average Value per Acre, by Region and State, January 1, 2000-2004 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2000 : 2001 : 2002 : 2003 : 2004 : 03-04 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,660 2,830 3,000 3,200 3,400 6.3 CT : 7,050 7,700 8,500 9,500 10,200 7.4 DE : 3,150 3,400 3,700 4,000 4,300 7.5 ME : 1,400 1,500 1,600 1,750 1,850 5.7 MD : 3,600 3,800 4,000 4,150 4,500 8.4 MA : 6,500 7,300 8,100 9,300 9,900 6.5 NH : 2,400 2,550 2,800 3,100 3,250 4.8 NJ : 7,600 8,100 8,600 9,100 9,750 7.1 NY : 1,430 1,520 1,610 1,700 1,780 4.7 PA : 2,800 3,000 3,250 3,450 3,650 5.8 RI : 7,300 7,700 8,300 9,300 10,200 9.7 VT : 1,700 1,800 1,900 2,050 2,150 4.9 Lake States: : 1,560 1,700 1,870 2,010 2,220 10.4 MI : 2,090 2,280 2,470 2,680 2,920 9.0 MN : 1,320 1,400 1,500 1,600 1,800 12.5 WI : 1,700 1,950 2,150 2,300 2,500 8.7 Corn Belt: : 1,890 1,950 2,030 2,130 2,300 8.0 IL : 2,260 2,290 2,350 2,430 2,610 7.4 IN : 2,260 2,350 2,460 2,570 2,770 7.8 IA : 1,800 1,850 1,920 2,010 2,200 9.5 MO : 1,230 1,300 1,380 1,470 1,580 7.5 OH : 2,330 2,470 2,600 2,740 2,930 6.9 Northern Plains: : 535 556 576 594 632 6.4 KS : 625 645 665 685 715 4.4 NE : 710 735 760 775 825 6.5 ND : 405 410 415 425 455 7.1 SD : 380 405 430 460 500 8.7 Appalachian: : 1,990 2,120 2,250 2,370 2,500 5.5 KY : 1,650 1,750 1,830 1,900 2,000 5.3 NC : 2,450 2,680 2,900 3,100 3,300 6.5 TN : 2,100 2,200 2,300 2,400 2,500 4.2 VA : 2,230 2,380 2,530 2,700 2,850 5.6 WV : 1,210 1,270 1,330 1,400 1,500 7.1 Southeast: : 1,920 2,030 2,140 2,270 2,420 6.6 AL : 1,570 1,640 1,700 1,760 1,860 5.7 FL : 2,500 2,600 2,720 2,900 3,100 6.9 GA : 1,750 1,900 2,050 2,200 2,350 6.8 SC : 1,700 1,800 1,900 2,050 2,150 4.9 Delta States: : 1,270 1,330 1,390 1,460 1,550 6.2 AR : 1,290 1,350 1,410 1,480 1,580 6.8 LA : 1,310 1,380 1,440 1,500 1,580 5.3 MS : 1,200 1,270 1,330 1,400 1,480 5.7 Southern Plains: : 672 715 755 788 832 5.6 OK : 640 655 680 705 745 5.7 TX : 680 730 775 810 855 5.6 Mountain: : 448 471 500 523 550 5.2 AZ 2/ : 1,150 1,250 1,400 1,500 1,600 6.7 CO : 650 675 700 730 775 6.2 ID : 1,150 1,200 1,240 1,280 1,360 6.3 MT : 330 350 370 390 410 5.1 NV 2/ : 435 450 465 480 500 4.2 NM 2/ : 230 240 250 260 265 1.9 UT 2/ : 900 975 1,040 1,100 1,150 4.5 WY : 255 270 285 300 315 5.0 Pacific: : 2,000 2,120 2,240 2,350 2,480 5.5 CA : 3,000 3,200 3,400 3,600 3,800 5.6 OR : 1,050 1,100 1,150 1,200 1,250 4.2 WA : 1,250 1,300 1,390 1,480 1,530 3.4 : 48 States 3/ : 1,090 1,150 1,210 1,270 1,360 7.1 -------------------------------------------------------------------------------- 1/ See page 17 for definition of Regions. 2/ Excludes American Indian Reservation Land. 3/ Excludes Alaska and Hawaii. Cropland: Average Value per Acre, by Region and State, January 1, 2000-2004 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2000 : 2001 : 2002 : 2003 : 2004 : 03-04 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 2,690 2,820 3,210 3,400 3,630 6.8 DE : 3,000 3,250 3,500 3,850 4,100 6.5 MD : 3,500 3,700 3,900 4,000 4,300 7.5 NJ : 8,400 8,700 9,000 9,300 9,900 6.5 NY : 1,180 1,250 1,320 1,390 1,470 5.8 PA : 3,000 3,180 3,350 3,500 3,750 7.1 Oth Sts 2/ : 3,240 3,510 5,240 5,920 6,250 5.6 Lake States: : 1,450 1,560 1,720 1,860 2,030 9.1 MI : 1,820 1,980 2,150 2,350 2,550 8.5 MN : 1,280 1,350 1,430 1,520 1,690 11.2 WI : 1,600 1,800 2,000 2,200 2,350 6.8 Corn Belt: : 2,040 2,100 2,180 2,270 2,460 8.4 IL : 2,350 2,370 2,430 2,500 2,700 8.0 IN : 2,250 2,330 2,440 2,550 2,750 7.8 IA : 1,940 1,980 2,040 2,120 2,320 9.4 MO : 1,300 1,380 1,480 1,580 1,690 7.0 OH : 2,400 2,520 2,630 2,750 2,940 6.9 Northern Plains: : 680 700 720 737 781 6.0 KS : 666 673 679 684 705 3.1 NE : 1,130 1,160 1,200 1,210 1,290 6.6 ND : 440 445 450 460 490 6.5 SD : 545 585 626 681 746 9.5 Appalachian: : 2,070 2,210 2,340 2,490 2,640 6.0 KY : 1,800 1,900 2,000 2,100 2,230 6.2 NC : 2,350 2,550 2,750 2,950 3,150 6.8 TN : 2,120 2,200 2,270 2,350 2,420 3.0 VA : 2,150 2,350 2,550 2,800 3,050 8.9 WV : 1,700 1,800 1,920 2,050 2,200 7.3 Southeast: : 1,960 2,090 2,240 2,350 2,480 5.5 AL : 1,450 1,530 1,600 1,700 1,800 5.9 FL : 3,550 3,720 3,730 3,690 3,900 5.7 GA : 1,600 1,780 1,970 2,150 2,270 5.6 SC : 1,350 1,450 1,600 1,750 1,850 5.7 Delta States: : 1,070 1,120 1,160 1,210 1,270 5.0 AR : 1,100 1,140 1,180 1,220 1,290 5.7 LA : 1,130 1,160 1,190 1,240 1,300 4.8 MS : 985 1,040 1,100 1,160 1,210 4.3 Southern Plains: : 721 753 808 863 904 4.8 OK : 600 619 643 668 698 4.5 TX : 769 805 871 937 983 4.9 Mountain: : 990 1,030 1,120 1,170 1,230 5.1 AZ 3/ : 4,400 4,800 5,600 6,000 6,400 6.7 CO : 922 966 999 1,050 1,110 5.7 ID : 1,470 1,530 1,600 1,680 1,770 5.4 MT : 481 493 503 520 540 3.8 NV 3/ : 1,850 1,850 1,850 1,900 1,950 2.6 NM 3/ : 1,390 1,420 1,440 1,470 1,500 2.0 UT 3/ : 2,620 2,790 2,880 2,960 3,130 5.7 WY : 830 872 915 957 1,010 5.5 Pacific: : 3,250 3,310 3,410 3,500 3,660 4.6 CA : 5,450 5,550 5,730 5,920 6,200 4.7 OR : 1,550 1,600 1,650 1,670 1,740 4.2 WA : 1,420 1,430 1,450 1,470 1,520 3.4 : 48 States 4/ : 1,460 1,510 1,590 1,660 1,780 7.2 -------------------------------------------------------------------------------- 1/ See page 17 for definition of Regions. 2/ Includes: CT, ME, MA, NH, RI, and VT. 3/ Excludes American Indian Reservation Land. 4/ Excludes Alaska and Hawaii. Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, January 1, 2000-2004 1/ -------------------------------------------------------------------------------- Region, State, : : : : : : Change and Land Type : 2000 : 2001 : 2002 : 2003 : 2004 : 03-04 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Corn Belt: : MO All Cropland : 1,300 1,380 1,480 1,580 1,690 7.0 Irrigated : 1,930 2,000 2,070 2,150 2,250 4.7 Non-Irrigated : 1,260 1,340 1,440 1,540 1,650 7.1 : Northern Plains: : KS All Cropland : 666 673 679 684 705 3.1 Irrigated : 1,040 1,060 1,080 1,080 1,110 2.8 Non-Irrigated : 630 635 640 645 665 3.1 : NE All Cropland : 1,130 1,160 1,200 1,210 1,290 6.6 Irrigated : 1,580 1,600 1,630 1,650 1,750 6.1 Non-Irrigated : 890 930 980 980 1,050 7.1 : SD All Cropland : 545 585 626 681 746 9.5 Irrigated : 825 875 950 1,000 1,080 8.0 Non-Irrigated : 540 580 620 675 740 9.6 : Southeast: : FL All Cropland : 3,550 3,720 3,730 3,690 3,900 5.7 Irrigated : 4,220 4,280 4,330 4,180 4,400 5.3 Non-Irrigated : 2,150 2,530 2,460 2,670 2,850 6.7 : GA All Cropland : 1,600 1,780 1,970 2,150 2,270 5.6 Irrigated : 1,600 1,700 1,800 1,900 2,100 10.5 Non-Irrigated : 1,600 1,800 2,000 2,200 2,300 4.5 : Delta States: : AR All Cropland : 1,100 1,140 1,180 1,220 1,290 5.7 Irrigated : 1,220 1,260 1,310 1,350 1,450 7.4 Non-Irrigated : 1,000 1,030 1,070 1,100 1,150 4.5 : LA All Cropland : 1,130 1,160 1,190 1,240 1,300 4.8 Irrigated : 990 1,020 1,050 1,070 1,150 7.5 Non-Irrigated : 1,170 1,200 1,230 1,280 1,340 4.7 : MS All Cropland : 985 1,040 1,100 1,160 1,210 4.3 Irrigated : 1,110 1,150 1,190 1,230 1,280 4.1 Non-Irrigated : 950 1,010 1,080 1,140 1,190 4.4 : Southern Plains: : OK All Cropland : 600 619 643 668 698 4.5 Irrigated : 800 800 805 820 850 3.7 Non-Irrigated : 590 610 635 660 690 4.5 : TX All Cropland : 769 805 871 937 983 4.9 Irrigated : 880 900 950 1,000 1,050 5.0 Non-Irrigated : 740 780 850 920 965 4.9 -------------------------------------------------------------------------------- --continued Irrigated and Non-Irrigated Cropland: Average Value per Acre, by State, 2000-2004 1/ 2/ (continued) -------------------------------------------------------------------------------- Region, State, : : : : : : Change and Land Type : 2000 : 2001 : 2002 : 2003 : 2004 : 03-04 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Mountain: : AZ All Cropland : 4,400 4,800 5,600 6,000 6,400 6.7 Irrigated : 4,400 4,800 5,600 6,000 6,400 6.7 : CO All Cropland : 922 966 999 1,050 1,110 5.7 Irrigated : 1,800 1,870 1,910 2,000 2,100 5.0 Non-Irrigated : 450 480 510 540 580 7.4 : ID All Cropland : 1,470 1,530 1,600 1,680 1,770 5.4 Irrigated : 1,900 1,980 2,080 2,200 2,330 5.9 Non-Irrigated : 720 740 760 780 800 2.6 : MT All Cropland : 481 493 503 520 540 3.8 Irrigated : 1,410 1,470 1,510 1,580 1,670 5.7 Non-Irrigated : 350 355 360 370 380 2.7 : NV All Cropland : 1,850 1,850 1,850 1,900 1,950 2.6 Irrigated : 1,850 1,850 1,850 1,900 1,950 2.6 : NM All Cropland : 1,390 1,420 1,440 1,470 1,500 2.0 Irrigated : 2,500 2,550 2,600 2,650 2,700 1.9 Non-Irrigated : 255 260 265 270 275 1.9 : UT All Cropland : 2,620 2,790 2,880 2,960 3,130 5.7 Irrigated : 3,100 3,300 3,400 3,500 3,700 5.7 Non-Irrigated : 700 725 750 775 820 5.8 : WY All Cropland : 830 872 915 957 1,010 5.5 Irrigated : 1,000 1,050 1,100 1,150 1,200 4.3 Non-Irrigated : 260 275 295 310 335 8.1 : Pacific: : CA All Cropland : 5,450 5,550 5,730 5,920 6,200 4.7 Irrigated : 5,800 5,900 6,100 6,300 6,600 4.8 Non-Irrigated : 1,850 1,900 1,950 2,000 2,130 6.5 : OR All Cropland : 1,550 1,600 1,650 1,670 1,740 4.2 Irrigated : 2,100 2,150 2,200 2,250 2,350 4.4 Non-Irrigated : 1,100 1,150 1,200 1,200 1,250 4.2 : WA All Cropland : 1,420 1,430 1,450 1,470 1,520 3.4 Irrigated : 3,250 3,200 3,200 3,200 3,300 3.1 Non-Irrigated : 875 900 925 950 990 4.2 -------------------------------------------------------------------------------- 1/ Only States with significant irrigated acreage appear in this table. 2/ See page 17 for definition of Regions. Pasture: Average Value per Acre, by Region and State, January 1, 2000-2004 1/ -------------------------------------------------------------------------------- : : : : : : Change Region and State : 2000 : 2001 : 2002 : 2003 : 2004 : 03-04 -------------------------------------------------------------------------------- : ------------------ Dollars ------------------ Percent : Northeast: : 1,890 1,940 2,090 2,190 2,340 6.8 MD : 3,400 3,450 3,500 3,650 3,900 6.8 NJ : 9,200 9,500 9,700 10,000 10,600 6.0 NY : 600 640 680 720 775 7.6 PA : 1,750 1,750 1,800 1,850 2,000 8.1 Oth Sts 2/ : 3,000 3,230 3,590 3,880 4,070 4.9 Lake States: : 707 802 889 953 1,060 11.2 MI : 1,150 1,300 1,450 1,600 1,800 12.5 MN : 475 525 575 625 700 12.0 WI : 825 950 1,050 1,100 1,200 9.1 Corn Belt: : 927 990 1,050 1,120 1,200 7.1 IL : 1,000 1,010 1,030 1,060 1,110 4.7 IN : 1,400 1,470 1,560 1,660 1,780 7.2 IA : 700 730 760 800 880 10.0 MO : 840 910 980 1,050 1,130 7.6 OH : 1,600 1,750 1,860 1,950 2,100 7.7 Northern Plains: : 230 241 249 258 278 7.8 KS : 380 390 400 410 430 4.9 NE : 230 240 245 255 275 7.8 ND : 155 160 165 170 185 8.8 SD : 190 200 210 220 240 9.1 Appalachian: : 1,740 1,820 1,910 2,000 2,100 5.0 KY : 1,380 1,410 1,440 1,460 1,530 4.8 NC : 2,450 2,640 2,830 3,010 3,200 6.3 TN : 2,050 2,150 2,250 2,350 2,450 4.3 VA : 1,900 2,000 2,100 2,250 2,350 4.4 WV : 980 1,060 1,120 1,200 1,280 6.7 Southeast: : 1,640 1,760 1,870 2,010 2,150 7.0 AL : 1,200 1,250 1,300 1,350 1,420 5.2 FL : 1,750 1,850 1,950 2,100 2,250 7.1 GA : 2,050 2,280 2,500 2,750 2,950 7.3 SC : 1,530 1,630 1,750 1,900 2,000 5.3 Delta States: : 1,060 1,100 1,170 1,230 1,300 5.7 AR : 1,020 1,070 1,150 1,210 1,300 7.4 LA : 1,220 1,240 1,270 1,310 1,350 3.1 MS : 990 1,050 1,130 1,200 1,270 5.8 Southern Plains: : 538 556 571 590 623 5.6 OK : 415 425 435 450 475 5.6 TX : 565 585 600 620 655 5.6 Mountain: : 247 257 273 285 300 5.3 AZ 3/ : 360 400 450 470 500 6.4 CO : 370 390 410 430 460 7.0 ID : 700 700 700 700 725 3.6 MT : 225 240 255 270 285 5.6 NV 3/ : 240 245 250 255 260 2.0 NM 3/ : 150 150 155 160 165 3.1 UT 3/ : 420 450 475 500 520 4.0 WY : 190 200 210 220 230 4.5 Pacific: : 797 849 901 952 1,010 6.1 CA : 1,200 1,300 1,400 1,500 1,600 6.7 OR : 420 430 440 450 470 4.4 WA : 490 500 510 520 540 3.8 : 48 States 4/ : 531 557 577 605 644 6.4 -------------------------------------------------------------------------------- 1/ See page 17 for definition of Regions. 2/ Includes: CT, DE, ME, MA, NH, RI, and VT. 3/ Excludes American Indian Reservation Land. 4/ Excludes Alaska and Hawaii. Agricultural Cash Rents Highlights Cash rents paid to landlords for cropland and pasture during the 2004 crop year rose sharply from 2003. Cropland cash rents paid in 2004 averaged 4.8 percent above a year earlier, advancing to $76.50 per acre, compared with $73.00 per acre for 2003. Pasture cash rents rose 6.7 percent, from $9.00 per acre in 2003 to $9.60 per acre in 2004. The increases in cropland and pasture rental rates reflected producers' optimism following the combination of high production and price levels of major U.S. agricultural commodities in 2003. Cropland cash rents increased in all regions except the Pacific region, where rental rates were unchanged. In the remaining regions, increases in cropland cash rents varied from 1.1 percent in the Southeast to 8.9 percent in the Southern Plains. The Corn Belt and Northern Plains regions, which together account for nearly one half of cash-rented cropland acreage, increased 3.6 and 4.2 percent, respectively, from 2003. Cropland cash rents increased $4.00 per acre, to $114.00, in the Corn Belt and $2.00 per acre, to $50.00, in the Northern Plains. The major corn and soybean producing States of Illinois, Indiana, and Iowa experienced increases ranging from 2.4 to 3.9 percent for cropland cash rents. Illinois and Iowa cropland cash rents both averaged $126.00 per acre. Pasture cash rents rose in all regions, led by an 8.0 percent increase in the Pacific region and a 7.4 percent increase in the Corn Belt. In the Northern Plains and Southern Plains regions, which combine for about two-thirds of the cash-rented pasture acreage, rental rates were up 5.4 percent and 1.3 percent, respectively. Wisconsin continued to lead the Nation with the highest pasture rent, at $37.00 per acre. Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2000-04 1/ 2/ -------------------------------------------------------------------------------- Region, State, : : : : : and Land Type : 2000 : 2001 : 2002 : 2003 : 2004 -------------------------------------------------------------------------------- : Dollars : Northeast: : 40.00 42.00 41.00 42.00 44.50 DE : 56.20 57.50 56.30 57.00 60.00 MD : 54.20 55.50 55.50 55.50 59.00 NJ : 51.00 47.00 47.00 47.00 47.50 NY : 32.00 33.00 35.00 37.00 40.00 PA : 40.00 42.00 40.00 41.00 43.00 : Lake States: : 72.00 73.00 74.00 74.50 76.20 MI : 60.00 60.00 60.00 60.00 62.00 MN : 77.90 80.50 81.00 82.00 83.50 WI : 65.00 66.00 67.00 68.00 70.00 : Corn Belt: : 103.00 106.00 108.00 110.00 114.00 IL : 119.00 119.00 122.00 123.00 126.00 IN : 100.00 100.00 101.00 103.00 107.00 IA : 115.00 117.00 120.00 122.00 126.00 MO : Non-Irrigated : 62.00 65.00 66.00 70.00 76.00 OH : 74.00 76.50 77.00 78.00 80.00 : Northern Plains: : 45.50 47.00 47.00 48.00 50.00 KS : 36.50 39.00 39.00 39.00 41.00 Irrigated : 67.00 72.00 70.00 68.00 72.00 Non-irrigated : 35.50 36.00 36.00 36.00 37.50 NE : 88.00 88.00 90.00 92.00 95.00 Irrigated : 117.00 117.00 121.00 123.00 125.00 Non-Irrigated : 66.00 65.00 66.00 67.00 70.00 ND : 35.50 36.00 36.50 36.50 37.50 SD : Non-Irrigated : 39.80 40.00 42.00 45.00 47.50 : Appalachian: : 50.00 52.00 51.00 52.00 55.00 KY : 74.00 72.00 68.00 70.00 72.00 NC : 45.00 48.00 49.50 51.00 53.00 TN : 60.00 59.50 60.50 62.00 67.00 VA : 36.50 36.50 36.00 36.50 39.00 WV : 26.00 26.00 27.00 28.00 30.00 : Southeast: : 42.00 46.00 45.00 44.00 44.50 AL : 33.00 36.00 36.00 35.00 35.00 FL : Non-Irrigated : 32.00 32.00 32.00 32.00 34.00 GA : 50.00 55.00 55.00 56.00 58.00 Irrigated : 91.00 103.00 103.00 105.00 110.00 Non-Irrigated : 39.10 38.00 39.00 40.00 42.00 SC : 24.20 27.50 28.50 28.50 28.50 : Delta States: : 62.00 64.00 64.00 65.00 68.50 AR : 69.00 67.00 69.00 71.00 75.00 Irrigated : 80.00 78.00 80.00 78.00 86.00 Non-Irrigated : 50.00 48.00 53.00 55.00 59.00 LA : 55.20 62.00 62.00 62.00 66.00 Irrigated : 70.00 74.00 73.00 68.00 76.00 Non-Irrigated : 51.90 56.00 57.00 59.00 62.00 MS : 61.00 62.00 62.00 63.00 66.00 Irrigated : 80.00 79.00 79.00 78.00 85.00 Non-Irrigated : 52.00 54.00 54.00 56.00 58.00 -------------------------------------------------------------------------------- --continued Cropland Rented for Cash: Average Cash Rent per Acre, by Region and State, 2000-04 1/ 2/ (continued) -------------------------------------------------------------------------------- Region, State, : : : : : and Land Type : 2000 : 2001 : 2002 : 2003 : 2004 -------------------------------------------------------------------------------- : Dollars : Southern Plains: : 27.00 27.80 27.60 28.00 30.50 OK : Non-Irrigated : 26.00 27.00 27.00 27.50 30.00 TX : 27.00 27.00 27.00 27.30 29.80 Irrigated : 53.00 53.00 53.00 55.00 56.00 Non-Irrigated : 21.00 21.00 21.00 21.00 23.70 : Mountain: : 59.00 61.00 60.00 60.50 62.50 AZ : Irrigated : 135.00 135.00 135.00 135.00 150.00 CO : 55.00 65.00 65.00 60.00 58.00 Irrigated : 90.00 100.00 95.00 93.00 91.00 Non-Irrigated : 18.00 22.00 22.50 23.00 22.00 ID : 98.00 95.00 96.00 97.00 99.00 Irrigated : 120.00 115.00 116.00 116.00 118.00 Non-Irrigated : 44.00 48.00 50.00 51.00 53.00 MT : 23.80 24.50 24.00 24.00 24.50 Irrigated : 49.70 46.00 47.00 48.00 49.00 Non-Irrigated : 17.30 18.00 18.50 18.50 18.90 UT : Irrigated : 57.00 58.00 60.00 61.00 61.00 : Pacific: : 180.00 185.00 180.00 180.00 180.00 CA : Irrigated : 300.00 310.00 310.00 300.00 300.00 OR : 90.00 90.00 95.00 98.00 100.00 Irrigated : 120.00 110.00 115.00 120.00 125.00 Non-Irrigated : 67.00 70.00 67.50 65.00 65.00 WA : Irrigated : 160.00 165.00 170.00 175.00 185.00 : 48 States 3/ : 70.00 71.00 71.60 73.00 76.50 -------------------------------------------------------------------------------- 1/ Unless otherwise specified as irrigated or non-irrigated, data are for all cropland. 2/ See page 17 for definition of Regions. 3/ Excludes Alaska and Hawaii. Pasture Rented for Cash: Average Cash Rent per Acre, by Region and State, 2000-04 1/ -------------------------------------------------------------------------------- Region and State : 2000 : 2001 : 2002 : 2003 : 2004 -------------------------------------------------------------------------------- : Dollars : Northeast: : 24.00 23.00 22.00 23.00 24.00 PA : 32.00 32.00 28.00 25.00 25.00 : Lake States: : 24.00 22.00 23.00 23.50 24.50 MN : 18.00 19.00 19.00 19.00 19.50 WI : 38.00 36.00 36.00 36.00 37.00 : Corn Belt: : 24.50 26.50 27.00 27.00 29.00 IL : 33.00 33.00 32.00 32.50 34.00 IA : 29.00 30.00 30.50 31.00 32.50 MO : 20.00 22.50 23.00 23.50 26.00 : Northern Plains: : 11.20 11.40 11.10 11.20 11.80 KS : 12.80 12.60 12.60 12.60 13.20 NE : 11.30 11.30 11.20 11.50 12.00 ND : 9.50 9.80 9.70 9.80 10.20 SD : 11.00 11.00 10.90 11.00 11.60 : Appalachian: : 18.00 19.00 18.00 18.00 19.10 NC : 21.00 22.00 21.50 22.00 23.00 TN : 18.00 18.00 17.00 17.50 19.00 VA : 16.00 16.50 16.00 16.50 17.50 : Southeast: : 17.20 17.40 18.00 18.50 19.10 AL : 17.00 18.00 18.00 18.00 18.50 FL : 15.00 15.00 16.00 17.00 17.50 GA : 22.00 23.00 23.00 23.00 24.00 : Delta States: : 13.80 15.50 16.20 16.00 16.60 LA : 14.00 16.00 16.00 15.00 15.50 MS : 14.00 16.00 17.00 16.00 16.50 : Southern Plains: : 6.30 7.50 7.70 8.00 8.10 OK : 7.80 8.30 8.50 8.50 9.00 TX : 6.00 7.20 7.40 7.80 7.80 : Mountain: : 3.80 3.80 3.50 3.40 3.60 CO : 5.20 4.80 4.00 3.50 3.70 MT : 4.80 4.50 4.70 4.50 5.00 NM : 1.70 1.60 1.60 1.60 1.70 UT : 11.00 13.00 10.00 9.00 10.00 WY : 3.50 3.50 3.80 3.50 4.00 : Pacific: : 11.00 13.00 13.00 12.50 13.50 CA : 9.00 11.00 11.00 10.60 11.50 : 48 States 2/ : 8.50 9.20 9.20 9.00 9.60 -------------------------------------------------------------------------------- 1/ See page 17 for definition of Regions. 2/ Excludes Alaska and Hawaii. Economic Regions: Northeast: . . .. . .CT, DE, ME, MD, MA, NH, NJ, NY, PA, RI, VT. Lake States: . .. . .MI, MN, WI. Corn Belt: . . .. . .IL, IN, IA, MO, OH. Northern Plains:. . .. . .KS, NE, ND, SD. Appalachian: . .. . .KY, NC, TN, VA, WV. Southeast: . . .. . .AL, FL, GA, SC. Delta States:. .. . .AR, LA, MS. Southern Plains:. . .. . .OK, TX. Mountain:. . . .. . .AZ, CO, ID, MT, NV, NM, UT, WY. Pacific: . . . .. . .CA, OR, WA. Reliability of Land Values and Cash Rents in this Report Survey Procedures: The estimates of land values and cash rents in this report are based primarily on the June Area Survey, conducted during the first 2 weeks of June. This annual survey uses a complete, probability-based land-area sampling frame. In 2004, the survey included a sample of 11,117 land segments, averaging approximately 1 square mile in size. Enumerators collecting data for the June area survey contact all farmers operating land within the boundaries of the sampled land segments and record land value information for crop and pasture land within these segments. They also collect an estimated value of all land and buildings for the operator's entire farming operation and the estimated percent change from the previous year. In addition to land values, enumerators collect information on acres of crop and pasture land rented for cash and the per acre cash rent paid. Survey reported data are reviewed for reasonableness and consistency by comparing with other data reported in the survey and with data reported within the segment the previous year. Estimating Procedures: Once the data are summarized, each State Statistical Office (SSO) conducts an analysis of the summarized indications and any other available information for their State. State Statistical Offices then set estimates for land values and cash rents and submit these recommendations along with their assessment of survey and other administrative information to the Agricultural Statistics Board (ASB). Survey data are also summarized for Regional and National levels and reviewed independently of each State's review. National and Regional targets are established by the ASB prior to submission of SSO recommendations. After SSO recommendations are submitted, the ASB reviews the estimates and supporting comments, and any conflicts with targeted Regional and National levels are resolved. Revision Policy: For non-census years, land value and cash rent estimates are subject to an annual revision the following year. After the 5-year Census of Agriculture is completed, estimates for the non-census years are subject to a final historic revision. The basis for revision must be supported by additional data that directly affect the level of the estimate. Estimates for 2003 were not subject to an annual revision due to the publication of Statistical Bulletin 993 in March, 2004. Reliability: The survey from which land value and cash rent estimates are made is subject to sampling and non-sampling errors that are common to all surveys. Both types of error affect the "accuracy" of the estimates. Sampling error occurs because a complete census is not taken. The sampling error measures the variation in estimates from the average of all possible samples. An estimate of 100 with a sampling error of 1.0 would mean that chances are 19 out of 20 (95 percent confidence internal) that the estimates from all possible samples averaged together would be between 98 and 102 (the survey indication plus or minus two times the sampling error). The sampling errors from the 2004 area frame survey are listed below: U.S. Regions (range low to high) Farm Real Estate Value (%) 1.4 1.2 to 7.8 All Cropland Value (%) 1.6 1.4 to 8.1 Irrigated Cropland (%) 4.0 1.3 to 11.9 Non-irrigated Cropland (%) 1.7 2.2 to 8.3 Pasture Value (%) 3.6 2.5 to 19.2 Cropland Cash Rent (%) 1.9 0.6 to 15.8 Pasture Cash Rent (%) 6.7 3.1 to 29.1 Sampling errors cannot be applied directly to the values published in this report to determine confidence intervals since the official estimates represent a composite of information from more than a single source. Non-sampling errors cannot be measured directly and can occur in complete censuses as well as sample surveys. They are caused by the inability to obtain correct information from each person sampled, differences in interpreting questions or definitions, and mistakes in coding or processing data. To minimize non-sampling errors, vigorous quality controls are used in the data collection process and all data are carefully reviewed for consistency and reasonableness. Released August 6, 2004, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, U.S. Department of Agriculture. For information on Land Values and Cash Rents 2004 Summary Mark E. Miller, Jim Williams or Kevin Hintzman, office hours 7:30 a.m. to 4:00 p.m. ET. The next Land Values and Cash Rents 2005 Summary report will be released in August 2005. ACCESS TO REPORTS!! For your convenience, there are several ways to obtain NASS reports, data products, and services: INTERNET ACCESS All NASS reports are available free of charge on the worldwide Internet. For access, connect to the Internet and go to the NASS Home Page at: www.usda.gov/nass/. Select "Today's Reports" or Publications and then Reports Calendar or Publications and then Search, by Title or Subject. 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