Explore undefined agriculture and learn what makes it unique.
Agriculture has been a staple of New Mexico’s economy and way of life from the beginning. Despite its arid climate, with the help of crop irrigation, New Mexico produces a diverse mix of commodities and has an agriculture industry valued at more than $2.5 billion. The top commodities in New Mexico are: Milk, Cattle, Fruits, Tree nuts, Berries, Grains, Oilseeds, Dry Beans and Dry Peas. More than 50% of the state’s total land area is farmland covering 40.6 million acres and there are a total of 25,044 farms with an average size of 1,624 acres, some of the largest in the country.
Over the last 20 years, farmland rental rates per acre in the new mexico have risen from an average of $50 per acre in 2008 to $80 per acre in 2019. This represents an increase of $30 over this time period with an average implied capitalization rate of 4.9%.
Current Rental Rate Per Acre
Cash Rent per Acre
Average Annual Cap Rate
Implied Annual Capitalization Rate