> Eight states in the Corn Belt — Iowa, Indiana, Nebraska, Minnesota, Missouri, Kansas, South Dakota and Wisconsin — restrict the size, structure and purpose of corporations that can own farmland to limit ownership by large investment funds.

> More than 22% of the farmland in 12 Illinois counties with the highest rents is owned by a business entity, defined as an operation with an LLC, Inc, LTD, Co., Corp, LP or LLP tag. Sangamon and Edgar counties were included in this analysis because historical data was not needed.

The TL;DR is that Illinois is one of the few states where there aren't restrictions on farmland owners, and even there it's a small (if growing) problem.

I think this is one of those problems that should theoretically be self-limiting. The economics of a farming family owning their land is too strong - just from the amount of tax breaks and subsidies available. Put another way, the land in a farmer's hands is worth more than in a corporation's.

I think the real risk comes from large farm landholders who want to cash out of their farm but don't have an heir or successor lined up. Farmers are getting old and their kids more often than not don't want to run the family farm anymore and there simply aren't going to be any other buyers.

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Alive-in-2025 4 days ago | parent | next [-]

Selling the land that had been in the family for generations is what happened recently in my family. My dad (wealthy retired 80 year old engineer) unfortunately decided he wanted the money, instead of keeping it in the family. It has been in our family 150 years. None of us are farmers in the current family, but we had relatives who were still renting the land in the area. They couldn't afford to buy the land either. So no farmers in the family today doesn't make it obviously something that we can keep - still I was disappointed with the outcome.

We sold it to some outside group. Apparently the best way to sell land today is an online action. You announce it ahead of time, there is a minimal amount to start bidding, and then like an ad auction, there is a minimal increment to go up by, fixed time limit of like a week to bid.

I was really sad that it left the family. The sale price of the midwest farm land ended up about $10k an acre for cropland. The amount of money that renting brought in didn't seem like it would be enough for any young person to actually buy land at current prices. I am sure they'd have a lot of tax deductions but can they get a million dollar loan? I expect there will be houses put on the land eventually. I had an idea for how to keep it suitable for future farmland, which was to put solar power on it with a 20 year contract with a local power company (with everything removed after).

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Alive-in-2025 4 days ago | parent | prev [-]

How does a farmer who doesn't inherit land ever afford the land?

	▲	bluGill 4 days ago \| parent \| next [-]
		You start with a few acres - general poor land that can only grow livestock. You raise a few cows/hogs/... per year on the land but you go to work in the nearest town doing something else full time to live. In 5 years you have a reputation with the bank and some of the land paid down so you can buy another lot when it goes on sale thus expanding the farm - but you are still working full time somewhere else to get money. After 20 years of this eventually you build up enough that you can support yourself farming - much of the land is bought at yesterdays prices - but it will be many more years before you can make more than if you stayed working. Or you marry someone who will inherit land - this is often the best way in.
	▲	onlypassingthru 4 days ago \| parent \| prev [-]
		The modern way. You make a fortune in technology or finance, then buy yourself a vineyard to become a mediocre vintner!