The 2021 index value (using 1979=100) is 425 when using the Illinois Farm Real Estate Value of $7,900. This value includes the value of cropland and farm buildings.
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How much is Illinois farmland worth per acre?
Over the last 20 years, the price of farmland per acre in illinois has risen by an average of 6.7% per year to $7,300 per acre as of 2019. This represents an increase of $4,950 per acre of farmland over this time period.
How much does an acre of land cost in Illinois 2021?
$10,500 per acre: Statewide average unchanged for excellent quality farmland.
How much does farmland cost in Illinois?
According to the United States Department of Agriculture National Agricultural Statistics Service (USDA-NASS), as of April 2019, Illinois had 72,000 farms. Illinois farmland covers 27 million acres — about 75 percent of the state’s total land area.
Is Illinois farmland a good investment?
The larger benefit of owning Illinois farmland has been the steady climb in value. Over the last 10 years, Illinois farmland owners have seen their initial investment increase in value by over 9% per year in some cases.Illinois farmland has proven to be a sound investment choice when times are tough.
How much does an acre of land cost in Illinois 2020?
Excellent land averaged $10,313 per acre across all regions of Illinois in the Illinois Society of Professional Farm Managers and Rural Appraisers half-year update of land prices.
How does farmland calculate cash rent?
A cropland cash rental rate can be computed by multiplying the average CSR2 by a rental rate per CSR2 point. For example, assume a typical rental rate per CSR2 index point of $2.75 for your county. A tract of land with a CSR2 of 80 would have a rental rate of $220 ($2.75 × 80 CSR2 = $220) per acre.
How much is an acre worth in Illinois?
Average Illinois Farm Real Estate Value
The average farm real estate value for Illinois in 2020 was $7,400 per acre. This includes the value of all land and buildings. The figure was 1.6% percent higher than the 2019 average of $7,280 per acre.
Where is the cheapest farm land?
12 best farmland bargains
- West-Central Texas. $600/acre. Annual land payment: $50/acre.
- Central Wisconsin. $5,000/acre.
- South-Central Florida. $10,000/acre.
- Northern Missouri. $1,400/acre.
- Eastern Ohio. $5,000/acre.
- Southwest Iowa. $4,000/acre.
- Southeastern Wyoming. $4,000/acre (irrigation in place)
- Eastern North Dakota. $5,000/acre.
How is farmland value determined?
Divide the return to land by the capitalization rate. Capitalization is the conversion of future profits or earnings from the land into a current economic value. By using the appropriate capitalization rate, you can estimate the value of land.
Does Bill Gates own farmland in Illinois?
The LandReport, a magazine that provides news and insight on America’s landowners, recently estimated that Microsoft founder Bill Gates is the largest farmland owner in the U.S., owning about 242,000 acres. Gates owns 17,940 acres in Illinois, the report also states.
Does Bill Gates own any land in Illinois?
Gates’ land holdings by state. He owns 17,940 acres in Illinois; 9,136 acres in Indiana; 14,828 acres in Florida; 69,071 acres in Louisiana; 25,750 acres in Arizona; 16,097 acres in Washington State; and one acre in New Mexico.
Can you make money renting farmland?
Rental Income
The average rate to rent irrigated and non-irrigated cropland in 2018 was $215 and $125 per acre, respectively.However, using these farmland lease rates as a go-by, you can estimate your potential income by multiplying them by the number of acres you would rent out.
What billionaire is buying up all the farmland?
Bill Gates has taken on many roles over the course of his career: affable tech nerd, aloof billionaire, tennis player, visionary philanthropist. Recently, he and soon-to-be-ex wife Melinda Gates added a new title to that list: largest owners of US farmland.
Why does Bill Gates own so much farm land?
Farmland is a sustainable asset class
Despite sustainable agricultural development being one of the key focus areas for his nonprofit Gates Foundation, the Microsoft co-founder claims that his farmland investments are not tied to climate.
Who is the biggest farmer in Illinois?
Subsidy Recipients 1 to 20 of 303,873
| Rank | Recipient (* ownership information available) | Total USDA Subsidies 1995-2020 |
|---|---|---|
| 1 | Pat Scates & Sons * | $10,633,294 |
| 2 | Harbach Family Partnership * | $7,995,679 |
| 3 | Rubenacker Farms * | $7,665,111 |
| 4 | Sam Beetz & Sons * | $7,656,880 |
How much is a wooded acre worth?
Wooded land is selling for $1,900 – 2,500/acre around here, and just a few miles away it goes for nearly double that. The real estate market may have crashed but land is still a good investment most of the time.
What is the cheapest state to buy land?
Arkansas, Tennessee, West Virginia are three of the cheapest places where you can buy cheap land. New Mexico and Arizona are popular places for retirees. If you are going to buy land make water and other utilities are available nearby. Land is the most illiquid form of real estate.
What is average cash rent Illinois?
$223 per acre
Average Illinois cash rents were $223 per acre in 2018, $224 in 2019, $222 in 2020, and $227 per acre in 2021.
How much should you pay for farmland?
U.S. farmland values remained high in 2020, averaging $3,160 per acre, a small decrease of 0.8 percent compared with 2019.
How much should I rent my farm land for?
Rent Paid for Agricultural Land
At $138 per acre, the average rate to rent cropland in the United States in 2018 was $2 higher than in 2017. For irrigated cropland, the average rate per acre was $215 (up slightly from $212 in 2017) and for non-irrigated cropland it was $125 (up from $123).
