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Explore Michigan agriculture and learn what makes it unique.
Michigan is an agriculturally diverse state, and ranks in the top 5 in the nation for the number of unique commodities produced. Facilitating this diverse production mix are the large variations in climate, soil compositions, and markets across the state that can encourage growers to follow best practices for their area, which often vary widely as well. While Dairy products, Corn, Soybeans, and Cattle make up over 50% of the state’s total production, there is much more depth to this agricultural economy. For example, Michigan produces 26% of the Asparagus, 17% of the Cucumbers, and 10% of Sugar Beets grown and sold in the United States.
$113/acre
5.4%
2.7%
$148
Current Rental Rate Per Acre
Cash Rent per Acre
Source: USDA
2.7%
Average Annual Cap Rate
Implied Annual Capitalization Rate
Source: USDA
| Year | Per Acre | Change |
|---|---|---|
| 2023 | $148 | 2.8% |
| 2022 | $144 | 4.3% |
| 2021 | $138 | 7.8% |
| 2020 | $128 | 0.8% |
| 2019 | $127 | 3.3% |
| 2017 | $123 | -3.1% |
| 2016 | $127 | 7.6% |
| 2015 | $118 | -4.1% |
| 2014 | $123 | 4.2% |
| 2013 | $118 | 9.3% |
| 2012 | $108 | 20.0% |
| 2011 | $90 | 11.8% |
| 2010 | $81 | -0.6% |
| 2009 | $81 | 3.8% |
| 2008 | $78 | 6.8% |
| 2007 | $73 | 12.3% |
| 2006 | $65 | 4.8% |
| 2004 | $62 | 3.3% |
| 1998 | $60 | 4.7% |
| 1997 | $57 | 9.8% |
| 1996 | $52 | 5.0% |
| 1995 | $50 | 3.5% |
