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I grew up in that part of the world and I can safely say nobody there has $89K laying around to make a purchase of this type (renovations aside, imagine heating

I grew up in that part of the world and I can safely say nobody there has $89K laying around to make a purchase of this type (renovations aside, imagine heating the place). The absence of qualified buyers drive prices around there. People who have never been to the rural areas of the midwest simply have no perspective on the economics of that region. Its not impossible that the equity from their San Diego home sale made them the richest people in the county (I don't recall the town being mentioned in the article).

OrangeMango 7y ago
> richest people in the county Any farmer who has land passed down through generations is a multi-millionaire. A good friend of mine in high school lived on about 600 acres. His family made almost $10 million selling half of it to Walmart.
- triceratops 7y ago
  Surely the location of that land matters? Not every farm is worth so much, right?
  - OrangeMango 7y ago
    Oh, without a doubt you are right. "Good" farmland is quite valuable however. https://www.chicagofed.org/publications/agletter/2015-2019/november-2019 https://www.chicagofed.org/publications/agletter/2015-2019/n...