By Andi Anderson
Farmland prices in Ohio have risen 8.6% in the past year, making it increasingly difficult for beginning farmers to enter the market. The Heidlebaugh family, fourth-generation farmers in Finlay, Ohio, is struggling to transition their farm to their daughters due to the high cost of farmland.
In addition to rising farmland prices, beginning farmers are also facing increasing input prices and a projected decrease in farm revenue at the end of 2023. This is making it even harder for them to secure loans from traditional lenders.
Elizabeth Long, an area manager at AG Resource Management, says that beginning farmers can use creative approaches to enter the market, such as growing wheat or hops and using their crop insurance as collateral.
The Heidlebaugh family is working with financial advisors to figure out how to best transition their farm, but they say it won't be easy.
The rising cost of farmland is a major challenge for beginning farmers. It makes it difficult for them to purchase land and start their own farms. This is a problem because it threatens the future of agriculture.
There are a number of factors that are contributing to the rising cost of farmland, including inflation, investors buying land for development, and the increasing demand for food.
There are a number of things that can be done to help beginning farmers enter the market, such as providing them with access to affordable financing and offering them tax breaks. It is also important to protect farmland from development so that it remains available for agricultural use.
The rising cost of farmland is a major challenge for beginning farmers. It is important to address this problem so that we can ensure the future of agriculture.
Photo Credit: gettyimages-sizsus
Categories: Ohio, General