The value of cropland increased in 2023 from the previous year, while the 

rates producers pay to rent cropland (cash rents) showed a slight increase at 

the national level. Individual states experienced increases or decreases. For 

pastureland, the value per acre and the cash rental rate both increased at the 

national level.

Agricultural Land Values

The average value 

of U.S. cropland 

(irrigated and nonirrigated) was $5,460 

per acre in 2023, 

increasing 8.1% from 

2022. From 2009 to 

2023, cropland value 

increased 107%. For 

U.S. pastureland, 

the average value in 

2023 was $1,760 per 

acre, a $110 increase 

over 2022 and a 66% 

increase since 2009. 

(Fig. 1) 

At the state level, the 

value of cropland in 

2023 ranged from 

$1,170 per acre in 

Montana to $18,100 

per acre in New 

Jersey. (Fig. 2)

For pasture, the 

average value at the 

state level ranged 

from $490 per acre 

Top States: Cropland Value 

$ per acre

New Jersey 18,100

California 15,880

Iowa 10,100

Illinois 9,580

Delaware 9,500

Maryland 8,950

Florida 8,760

Pennsylvania 8,620

Arizona 8,600

Indiana 8,400

About the Surveys

The national and state agricultural 

land values are from the 2023 June 

Area Survey conducted during June. 

The rental rates (cash rents) paid by 

producers are from the 2023 Cash 

Rents Survey. 

Land value data are for the 48 

contiguous states. Cash Rent data

are for the 48 contiguous states

and Hawaii.

NASS Highlights October 2023 • No. 2023-6

U.S. cropland value 

increased in 2023 

2023 AGRICULTURAL LAND

Land Values and Cash Rents

United States Department of Agriculture

National Agricultural Statistics Service www.nass.usda.gov

U.S. = 5,460

>8,000

5,701−8,000

3,601−5,700

2,601−3,600

<2,601

Not published

Fig. 1. Value of U.S. Cropland and Pasture, 2009–2023 ($ per acre)

Cropland Pasture

500

1,500

2,500

3,500

4,500

5,500 5,460

2009 2011 2013 2015 2017 2019 2021 2023

1,760

Source: USDA NASS.

Fig. 2. Cropland Value by State, 2023 ($ per acre)

Source: USDA NASS. Data are for the 48 contiguous states.
in New Mexico to $16,600 in New Jersey. The change 

in value ranged from a 1.5% increase in Wyoming to a 

16.2% increase in Kansas. The Northern Plains region 

(Kansas, Nebraska, North Dakota, and South Dakota) had 

the highest increase in pasture value per acre at 13.5%.

Farm Real Estate Value

U.S. farm real estate value – the value of all land and 

buildings on farms – averaged $4,080 per acre in 2023, 

an increase of $280 per acre from 2022. At the state 

level, average value in 2023 ranged from $610 per acre 

in New Mexico to $18,300 in Rhode Island. The Northern 

Plains region had the 

highest increase in 

farm real estate value 

at 13.7%.

Rent Paid for Agricultural Land

At $155 per acre, the average rate to rent cropland in 

the United States in 2023 was $7 higher than in 2022. 

The average rate per acre for irrigated cropland was 

$237 (up from $227 in 2022) and non-irrigated cropland 

was $142 (up from 

$135 in 2022). For 

pastureland, the 

average rental per 

acre at $15 is up $1 

from 2022.

Among states, the 

rental cost per acre 

in 2023 ranged from 

$34.50 in Oklahoma 

to $347 in Arizona for 

all cropland. (Fig. 3)

Fig. 3. Rent Paid for Cropland by State, 2023 ($ per acre)

Source: USDA NASS.

For irrigated cropland, rates ranged from $86.50 in 

Wyoming to $486 in California; for non-irrigated cropland, 

they ranged from $20 in Wyoming to $269 in Iowa; and for 

pastureland, $2.60 in Arizona to $60.50 in Iowa. 

USDA is an equal opportunity provider, employer, and lender. 

www.nass.usda.gov

Top States:

Farm Real Estate Value

$ per acre

Rhode Island 18,300

New Jersey 17,700

Massachusetts 15,300

Connecticut 14,200

California 12,400

Iowa 9,930

Delaware 9,800

Maryland 9,700

Illinois 9,300

Indiana 9,100

Access the Data

Find land value data through the Quick Stats 2.0 database:

quickstats.nass.usda.gov

• In Program, select “Survey”

• In Sector, select “Economics”

• In Group, select “Farms & Land & Assets”

• In Commodity, select “Ag Land”

• In Category, select “Asset Value”

• Select your data item, geographic level, and year

Find national, state, and county cash rents data here:

www.nass.usda.gov/Surveys/Guide_to_NASS_Surveys/

Cash_Rents_by_County

Top States:

Cropland Cash Rent

$ per acre

Arizona 347

California 344

Hawaii 295

Iowa 269

Illinois 259

Washington 238

Indiana 226

Nebraska 220

Minnesota 198

Idaho 197

Five states have average 

farm real estate values of 

$10,000 per acre or higher.

U.S. = 155

>200

141−200

101-140

40-100

<40

Not published

Not surveyed