mi-press-releases News Release NR-12-52 August 6, 2012 U.S. Department of Agriculture National Agricultural Statistics Service Michigan Field Office Michigan Department of Agriculture Post Office Box 30239 Lansing, MI 48909-6248 Phone: (517) 324-5300 Facsimile: (517) 324-5299 E-mail: nass-mi@nass.usda.gov Web site: www.nass.usda.gov Jay V. Johnson, Director Farm Real Estate Values and Cash Rents The January 1, 2012 Michigan farm real estate value, including land and buildings, averaged $4,250 per acre, according to Jay Johnson , Director of the the USDA, NASS, Michigan Field Office. Farm real estate values were up 10.4 percent from 2011. Michigan is in the Lake States region, which also includes Minnesota and Wisconsin. The Lakes States region value was $4,180 per acre, up 14.5 percent from 2011. The value of farmland in States bordering Michigan was: Wisconsin, $4,350 per acre; Ohio, $5,000 per acre; and Indiana, $6,200 per acre. Michigan's cropland value increased 11.1 percent from the previous year to $4,000 per acre. The Lake States region saw a 16.9 percent increase to $4,090 per acre. The average value of cropland in the U.S. increased 14.5 percent to a value of $3,550 per acre. Michigan's pasture value was unchanged from last year at $2,500 per acre. Michigan's cropland cash rent was $108.00 per acre in 2012, up $18.00 from the previous year. Cropland cash rents in the Lake States region increased $16.00 from last year to $135.00. The cropland cash rents in the States bordering Michigan was: Wisconsin, $115.00 per acre; Ohio, $122.00; and Indiana, $175.00 per acre. Pasture cash rents in the Lake States region increased $2.50 to $28.00 per acre. Pasture cash rent in Michigan was $25.00. Land Values ------------------------------------------------------------------------------------------------------------------------------------ : Farm Real Estate : Cropland : Pasture Year :----------------------------------------------------------------------------------------------------- : Michigan :Lake States: U.S. : Michigan :Lake States: U.S. : Michigan :Lake States: U.S. ------------------------------------------------------------------------------------------------------------------------------------ : Dollars : 2009 : 3,750 3,300 2,110 3,370 3,020 2,670 2,550 1,790 1,070 2010 : 3,650 3,340 2,200 3,300 3,120 2,770 2,400 1,780 1,080 2011 : 3,850 3,650 2,390 3,600 3,500 3,100 2,500 1,800 1,100 2012 : 4,250 4,180 2,650 4,000 4,090 3,550 2,500 1,870 1,150 Percent change from 2011 : 10.4 14.5 10.9 11.1 16.9 14.5 0.0 3.9 4.5 ------------------------------------------------------------------------------------------------------------------------------------ Cash Rents --------------------------------------------------------------------------------------------------------- : Cropland : Pasture Year :-------------------------------------------------------------------------- : Michigan : Lake States : U.S. : Lake States : U.S. --------------------------------------------------------------------------------------------------------- : Dollars : 2009 : 81.00 101.00 99.00 27.50 11.00 2010 : 80.50 107.00 102.00 27.00 11.00 2011 : 90.00 119.00 111.00 25.50 11.50 2012 : 108.00 135.00 125.00 28.00 11.50 Percent change from 2011 : 20.0 13.4 12.6 9.8 0.0 ---------------------------------------------------------------------------------------------------------