farmland

Photo by Amy Mayer

Each year, Iowa State University surveys hundreds of bankers, appraisers, and realtors to capture a snapshot of farmland values. The decline of about four percent this year marks the first time since the farm crisis of the 1980s that values have dropped two years in a row. ISU economist Wendong Zhang says that doesn’t mean values will plunge.

"It's still much less than what you see in the 1980s," Zhang says, "and there are a lot of income and cash accumulation over the past few years so I don't think you'll see a large crisis as you've seen in the 1980s."

IPR file photo by Amy Mayer

A survey of farmland ownership conducted by the United States Department of Agriculture shows that in the next five years about 10 percent of farmland is expected to change ownership.

But Troy Joshua of USDA’s National Agricultural Statistics Service says most of those transfers will happen through gifts, bequests, trusts or sales to relatives.

Flickr / TumblingRun

The value of farmland in the Corn Belt is dipping. In Iowa value dropped 7 percent last year.