The Michigan farm and real estate value, a measurement of the value of all land and building on farms, averaged $3,850 per acre in 2011, according to the USDA, NASS, Michigan Field Office.
Farm real estate values in Michigan were up 5.5% from 2010. Michigan is in the Lake States region, which also includes Minnesota and Wisconsin. The Lakes States region average value was $3,650 per acre, up 9.3% from 2010. The value of farm real estate in states bordering Michigan was: Wisconsin, $4,050 per acre; Ohio, $4,300 per acre; and Indiana, $4,800 per acre.
Michigan's cropland value increased 6.1% from the previous year to $3,500 per acre. The Lake States region experienced a 10.6% increase in cropland value to an average $3,450 per acre. The average value of cropland in the U.S. increased 9.4% to a value of $3,030 per acre. Michigan's pasture value increased 4.2% from last year to $2,500 per acre.
Michigan's irrigated cropland cash rent was $90 per acre in 2011, up $9.50 from 2010. Cropland cash rents in the Lake States region increased $12 from last year to $119. The cropland cash rents in the States bordering Michigan were: Wisconsin, $99 per acre; Ohio, $110; and Indiana, $152 per acre.
Pasture cash rents in the Lake States region decreased $1.50 to $25.50 per acre. Pasture cash rent was $25 for Michigan, down $5 from the previous year. The pasture cash rents in the states bordering Michigan were: Wisconsin, $32 per acre;
Ohio, $35; and Indiana, $31 per acre.