Michigan farm real estate value, including land and buildings, averaged $4,800 per acre, which is unchanged from 2016, according to the USDA National Agricultural Statistics Service.
Michigan is in the Lake States region, which also includes Minnesota and Wisconsin. The Lakes States region value was $4,890 per acre, up 3.4% from 2016.
The values of farmland per acre in states bordering Michigan were:
• Wisconsin, $5,200
• Ohio, $5,650
• Indiana, $7,000
Michigan’s cropland value decreased 1.1% from the previous year to $4,450 per acre. The Lake States region saw a 1.9% increase to $4,830 per acre.
The average value of cropland in the U.S. was unchanged at $4,090 per acre. Michigan’s pasture value decreased 1.9% from last year to $2,550 per acre.
Michigan’s cropland cash rent was $123 per acre in 2017, down 3.1% from the previous year. Cropland cash rents in the Lake States region decreased $2 from last year to $153 per acre.
The cropland cash rents per acre in the states bordering Michigan were:
• Wisconsin, $139
• Ohio, $152
• Indiana, $195
Pasture cash rents in the Lake States region increased 6.3% to $33.50 per acre. Pasture cash rent in Michigan was $28 per acre.
Source: USDA NASS