2016 Rents for Indiana Pasture Land, Irrigated Farmland, Hay Ground, and On-Farm Grain Storage

February 15, 2017

PAER-2017-02

Authors: Craig Dobbins, Professor of Agricultural Economics and Kim Cook, Research Associate in Agricultural Economics

Print Friendly Version

Estimates for the rental value of irrigated farmland, pasture land, hay ground, and on-farm grain storage in Indiana are often difficult to locate. For the past several years, questions about these items have been included in the Purdue Farmland Value Survey. The values from the June 2016 survey are reported here. Because the number of responses for some items is small, the number of responses is also reported.

Averages for pasture rent, the market value and cash rent for irrigated farmland, and the rental of on-farm grain storage are presented in Tables 1, 2, and 3, respectively. The rental rate for grain bins includes the situation where there is just a bin and the situation where there is a bin and utilities. Table 4 provides information about the rental rate for established alfalfa-grass and grass hay ground.

Information from prior years’ surveys can be found in the Purdue Agricultural Economics Report archive, https://ag.purdue.edu/agecon/Pages/Purdue-Agricultural-Economics-Report-Archive.aspx. This information can generally be found in the August issue beginning in 2006.

Go Back to PAER Main Page

Publication Appeared Within:

2017-02 PAER

Latest Articles:

Does a higher standard deduction decrease cash donations and volunteering?

October 24, 2024

Tax policy shapes individuals’ incentives to give to charities. In fact, taxpayers can deduct charitable cash contributions as an itemized deduction, which decreases their taxable income and leads to a lower tax bill. Itemizing deductions, however, is not convenient for all taxpayers. Moreover, the standard deduction is the better option for those whose total itemized deductions for eligible expenses are lower than the current standard deduction. Taxpayers choose between the standard deduction and itemized deductions based on which yields the lower amount of taxable income and, hence, tax liability.

Farmland Prices Increase Despite Downward Pressure

August 9, 2024

Indiana farmland prices reached record highs in 2024, with top-quality land averaging $14,392 per acre, a 4.8% increase from 2023, according to the Purdue Farmland Value and Cash Rent Survey. Regional variations and market forces like high interest rates and low land supply influenced the market, while long-term projections suggest continued modest growth. Transition land saw a significant 21.6% rise, while recreational land values dipped slightly.

Trends in Farmland Price to Rent Ratios in Indiana, 2024

August 9, 2024

Farmland prices in west central Indiana increased slightly in 2024 (0.2%) and are 19.7% above the previous peak in 2014. Compared to the farmland price in 2007, current farmland prices in west central Indiana are 187% higher. Farmland prices are influenced by many factors, including net income, growth in earnings, crop and livestock prices, interest rates, alternative investment returns, inflation, liquidity, agricultural policy, and energy policy. Cash rent, which is influenced by net return to land, along with interest rates, is often referred to as a fundamental factor impacting farmland prices.

Visit Purdue Ag Econ

Visit PAER Main Page

Delivered right to your inbox

The Purdue Agricultural Economics Report is a quarterly publication written by faculty and staff from the Department Agricultural Economics at Purdue University.

By joining this mailing list, you will receive an email when a new publication is released. This mailing list is kept solely for the purpose of sharing the report and is not used for any other purposes.