undefined Agriculture Overview

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There are a total of 33,438 farms in New York spread across 6.9 million acres with an average size of 205 acres. New York ranks in the top 10 for the sale of several agricultural products in the United States including Milk, Apples, and Horses. In 2017, New York’s agricultural revenue amounted to a total of $5.3 billion, 39% of which can be attributed to crop sales. The top crops produced overall in New York include: Hay, Corn, Apples, Soybeans, Cabbage, Potatoes, Sweet Corn, Wheat, and Snap Beans among many others. However, the Dairy industry is by far the largest agricultural revenue source, with Milk from Cows accounting for 47% of the state’s total sales.

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Farmland Rental Rates

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new york Farmland Rental Rates

Over the last 20 years, farmland rental rates per acre in the new york have risen from an average of $32 per acre in 1999 to $66 per acre in 2019. This represents an increase of $34 over this time period with an average implied capitalization rate of 2.2%.

$66

Current Rental Rate Per Acre

Cash Rent per Acre

Source: USDA

Created with Highcharts 7.2.019941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019$ 0$ 15$ 30$ 45$ 60$ 75Highcharts.com

2.2%

Average Annual Cap Rate

Implied Annual Capitalization Rate

Source: USDA

Created with Highcharts 7.2.0199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820190 %0.8 %1.6 %2.4 %3.2 %4 %Highcharts.com

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