What Price Farmland?

The fall in farmland values in the early 1980’s was the first such major decline many farmers can remember. Except for slight setbacks in 1939, 1950, and 1954, values had risen steadily for nearly half a century, culminating in nine consecutive years (1973-1981) of double-digit annual increases in value. Understanding why farmland values change depends very much on understanding of how farmland itself has changed.

20世纪80年代初的农地价值下跌，是众多农户记忆中首次出现的此类大规模下滑。除1939年、1950年及1954年出现小幅回落外，农地价值在近半个世纪内持续稳步攀升，最终在1973年至1981年连续九年实现两位数的年度涨幅。要理解农地价值变动的原因，很大程度上有赖于对农地自身变化的认知。