According to the U.S. Department of Agriculture, in the 12 months between August 2012 and August 2013 the average value of Iowa agricultural real estate increased 20% to $8,400 per acre. Iowa surpassed all neighboring states except North Dakota where an energy boom drove a 36.3% increase in values to an average of $1,690 per acre. According to Iowa State University extension farm management specialist Michael Duffy the jump in values is driven by an increase in farm income. Since 2007 (with the exception of a small correction in 2009) corn and soybean prices have been steadily increasing. Across the U.S. as a whole the highest average real estate values were in the Corn Belt region at $6,400 per acre and the lowest were in the Mountain region at $1,020 per acre. U.S. cropland values increased 13%, or $460 per acre, to $4,000 per acre. In the Northern Plains cropland values increased 25% and in the Corn Belt region cropland values increased 16.1%. Across the country pastureland values increased 4.3% to an average of $1,200 per acre. To read further:
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