2021 Land Value & Leasing Rates

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Michigan State University (MSU) has collected information on land values since 1991
using a mail survey of appraisers, lenders and others involved in Michigan agriculture.
The goal of the MSU study is to provide information on the value of land based on
agricultural and nonagricultural use. The survey also collects information on land
leasing and rental rates. This report contains the results for the MSU land value survey
conducted in the summer and fall of 2021. Results reveal that average land prices and
rental rates for many categories of agricultural land have increased from 2019. We
compare the results of the survey to a large database of observed transactions of
agricultural land and generally find similar values between survey responses and
observed transactions.

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