Nebraska Farm Real Estate Value and Cash Rents Higher

Nebraska Farm Real Estate Value and Cash Rents Higher

August 8, 2008

Nebraska's farm real estate value rose sharply during 2007, extending a trend that began in 1993, according to USDA's National Agricultural Statistics Service, Nebraska Field Office. Farm real estate value on January 1, 2008, averaged $1,460 per acre, a record high. This is up $230 per acre or 19% higher than last year's level.

Cropland value increased 20% from last year to $2,270 per acre, with dryland acreage averaging $1,950 per acre and irrigated cropland at $2,900. Pastureland, at $530 per acre, was 23% above a year ago.

Cash rents paid to landlords for cropland increased from last year and were also a new record high. Irrigated cropland rent averaged $155 per acre, an increase of $16. Dryland rent increased to $95 per acre, also up $16 from a year earlier. Pasture rented for cash, which averaged $14.20 per acre, rose $0.20 from 2007.

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