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Ohio farmland values remain steady despite decline in the ag economy
An Ohio State University professor says farmland values across the state remains steady despite the decline in the current ag economy.
Ani Katchova says high demand from urban development has led to a 4.7 percent increase.
“Most of that demand occurs around the large cities in Ohio,” she says. “That’s where we see most of the pressure for housing and development. This can also obviously lead to a loss of farmland.”
She tells Brownfield cash rents for this year have declined by half a percent.
“It’s easier for cash rents to go up than to go down,” she says. “This is a rarity where we see cash trends slightly declining. It’s just that the land values are somewhat moderating and they’re not as strong as we saw a few years ago.”
Katchova says lower farm income expectations could force land values to decline, but she anticipates prices in Ohio to stay stable for the next several years.
AUDIO: Ani Katchova, Ohio State University