Buying a plot of land in rural America has never been so expensive. And that's even with soaring interest rates.
Rising commodity prices mean farmers made record amounts of money this year, spurring a rush for space to plant in 2023. More demand comes just as people fled to the countryside during the pandemic — with non-metropolitan areas growing faster than urban ones — and investors turned to fields as a hedge against inflation.
People are also reading… "I believe we're at the start of a decade-long trend," said Schultz, who says he has no interest in selling."We sit in a very good position." Tom Halverson, chief executive officer of CoBank, a cooperative lender serving rural America, said the expansion of broadband and the ability to work from home helped fuel that shift.
Growers also have space for solar panels and wind turbines, with the number of farms with photovoltaic installations doubling in the five years to 2017, according to the most recent USDA census of agriculture. Still, farmland with renewables assets accounted only for 6.5% of the total, highlighting untapped potential.
Matthew Fitzgerald, who grows organic corn and soybeans with his family in McLeod County, Minnesota, said the biggest challenge for young farmers is the cost of land. He tapped a USDA program to expand his family's 200 acres to about 2,500 acres, and is partnering with agriculture-land investment platform AcreTrader, which purchases land that he then manages and co-invests in.
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