How much farmland in illinois

Gates owns 17, acres in Illinois, the report also states. Typically the land purchased by wealthy owners is rented out to farmers. Experts said farmland is an attractive investment due to its stability in returns. Todd Kuethe, an associate professor in farmland economics at Purdue, said that people who own farmland typically own it for a long period of time, so the value of the asset will appreciate over time and give a stable return.

Bruce Sherrick, the director of TIAA Center for Farmland Research at the University of Illinois at Urbana-Champaign, said that the most common reason for selling farmland is to transfer the land after the owner passes away. He said that the heirs of the farmland receive the land at the current value, not the value it was originally purchased. Kuethe said that the purchases of farmland by wealthy investors is a bit of a double-edged sword for farmers, as some have expressed concerns about it bidding up the price of buying land.

Champaign residents seek litter solutions after delayed city cleanup efforts, untracked complaints. Search for:. Agriculture April 1, 0. About the author. Dylan Tiger. Related tags : Agriculture bill gates billionaire champaign county coles county douglas county farm land farm owners forbes interactive map property records shahid khan urbana. This includes the value of all land and buildings. The figure was 1.

This is the third year in a row without a decrease as experienced in the prior three years. Since , average farm real estate values have declined only six times as compared to the previous year. Those years were , , , , , , , and There have been four years when farm real estate values increased over 20 percent, in , , and The largest increase was in when values rose From through , average farm real estate values increased between 4.

From to , farm real estate increased between 1. A review of county property records identified about 8, acres of the Illinois purchases in 10 central Illinois counties.

Baloo, based in Urbana, made those purchases beginning in , which is also when the company was created. Purchases of farmland by wealthy individuals and hedge funds have surged in recent years, but it is not a new phenomenon, farm economic experts said.

They said farmland has been a popular investment for a long time because of its stability. Gates owns 17, acres in Illinois, the report also states.