Across the US- Landlords Collected $31 Billion in Rent Payments on Farm and Ranch Land in 2014Mon, 31 Aug 2015 15:55:10 CDT
On Monday, the USDA's Economic Research Service released the 2014 Tenure, Ownership, and Transition of Agricultural Land (TOTAL) Survey. The TOTAL Survey is a comprehensive study of all landlord owners of agricultural land, including non-farm operators of agricultural land. Survey data that has been tabulated includes information about farmers and ranchers who rent agricultural land to other farmers and ranchers, as well as landowners who rent out land for agricultural purposes but do not farm. The survey collected income, expense, debt, and asset information related to land ownership, transition plans, and demographic and other landlord characteristics.
According to USDA, there are 2.1 million landowners who rented out 353.8 million acres in 2014. Almost forty percent of all farmland that is farmed in the US is leased or rented.
In 2014, landlords received $31.2 billion in rent payments. Their expenses were $9.2 billion, and their debt related to the land they rented out was $32.8 billion. The value of the land and buildings they held on their rental acres was $1.1 trillion. Illinois leads the US in the dollar total of rents for farmland at $3.8 billion, Iowa is second with $3.7 billion received, Nebraska was third with $2.4 billion in rent payments and Minnesota and Texas were tied for fourth with two billion dollars in rental payments in both states.
There were52,784 landlord entities in Oklahoma who rented out agricultural land in 2014- a total of 13.9 million acres of farm or ranchland was leased or rented in Oklahoma over this past calendar year. USDA says that the total rents received in Oklahoma totaled $439.4 million dollars. To review the Oklahoma farmland rental picture, click here.
The highlights of this study( four pages total) can be seen by clicking here.
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