The USDA National Agricultural Statistics Service released results of the survey and listed holdings of rented farmland acres with buildings, which reached a total value of more than $1.1 trillion.
The average age of landlords is 66.5 years old. Principal landlords who are under 55 years old constitute only 18 percent. Nearly 45 percent of all principal landlords have never farmed.
The report also stated one-tenth of the 911 million U.S. farmland acres (outside of Alaska and Hawaii) has planned ownership transfer in the next five years. This figure does not include farmland that is included or expected to be included in wills. At least 21 million acres are expected to be sold to a non-relative. The report also said increasing numbers of families are creating trust ownerships to make sure land remains in the family for farming or as an investment.
The full report can be found at the USDA Census of Agriculture website. FG
