Master of Science
Department or Program
It’s no secret that Illinois farmland is extremely expensive and has been on a steady rise for the past several decades. The highly sought after features of many different pieces of Illinois farmland coupled with the favorable growing climate found in Illinois translates to advantageous yields and potential for substantial revenues for farmers and landowners. Although prices have remained relatively stagnant throughout the past few years, it can be inferred that the long-term trend of farmland value will continue its path trending upward. With this being said, the margin for profit will become even slimmer and the ag real estate market will be as competitive as ever. Recreational properties have had an increase in popularity in recent years, and many people are purchasing recreational properties purposely placing recreation ahead of farming practices and income. Because of this, recreational farmland in certain areas of the state that can offer these characteristics could benefit in value. Recreational characteristics including total buck harvest, CRP enrollment per square mile, timberland forest cover per square mile, proximity to metropolitan areas, and others will be used to explain the potential affect to average recreational land values in different areas of the state.