Skyrocketing farmland values are standing in the way of financial security for some younger farmers.
Florida farmer Jeb Smith hopes to leave his 800-acre farm to his son one day but says he is not sure if that will be possible. He blames the increase in land prices on wealthy out-of-state developers buying up farmland for housing on solar projects. An Iowa farmer who also sells land found the cost of inputs like tractors and other equipment tends to trend up with land prices, making it even more difficult for younger producers to get a start.
Farmland prices rose more than 14 percent in 2022 to about $5,000 per acre.
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