Michigan farm real estate value, including land and buildings, averaged $4,800 per acre, according to Marlo Johnson, Regional Director of USDA, NASS, Great Lakes Regional Office. Farm real estate values in Michigan were down 2 percent from 2015 . Michigan is in the Lake States region, which also includes Minnesota and Wisconsin .
The Lakes States region value was $4,730 per acre, down 0.2 percent from 2015. The value of farmland in States bordering Michigan were: Wisconsin, $4,750 per acre; Ohio, $5,700 per acre; and Indiana, $7,150 per acre. Michigan’s cropland value decreased 1.1 percent from the previous year to $4,500 per acre .
The Lake States region saw a 0.2 percent increase to $4,740 per acre . The average value of cropland in the U.S. decreased 1.0 percent to a value of $4,090 per acre . Michigan’s pasture value decreased 3 percent from last year to $2,600 per acre. Michigan’s cropland cash rent was $127.00 per acre in 2016, up 7.6 percent from the previous year. Cropland cash rents in the Lake States region de creased $3.00 from last year to $155.00 per acre .
The cropland cash rents in the States bordering Michigan were: Wisconsin, $137.00 per acre; Ohio, $150.00 per acre ; and Indiana, $192.00 per acre. Pasture cash rents in the Lake States region increased 5 p ercent to $31.50 per acre . Pasture cash rent in Michigan was $30.00 per acre.
Source:usda.gov