Think your home value is soaring? Talk to a farmer

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Think your home value is soaring? Talk to a farmer
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For all the talk about rising U.S. home values in cities and suburbs, they have nothing on the skyrocketing price of farmland.

This 2018 photo shows Jeff Frank on his farm near Auburn, Iowa. Frank doesn’t feel rich, but simply based on the skyrocketing value of his land in northwest Iowa, it’s an apt way to describe him, even if he laughs at the idea.

It may come as a surprise to city dwellers excited by their home values that countless farmers like Frank are actually experiencing a real estate boom that makes residential prices pale in comparison. While median existing-home prices rose by 15.8% in the U.S. last year, farmland values went up about double that rate in places like Iowa.

Most purchases are by operations that see the value of larger scale, seizing the chance to buy nearby land. The land purchases augment an existing national trend of more agricultural production coming from ever-larger farms.

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