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242,000 acres sounds big but it isn’t a significant percentage of US farmland. A large farm (in the $1m sales class) is usually above 3,000 acres in size. So Bi
by throwaway316943 5y ago
242,000 acres sounds big but it isn’t a significant percentage of US farmland. A large farm (in the $1m sales class) is usually above 3,000 acres in size. So Bill has bought less than 100 large farms. There are somewhere around 78,000 US farms in that class making up about 4% of farms and containing 25% of existing farmland. In other words, Bill owns squat. He probably bought those farms as an investment, there’s no reason to be hysterical about it.
- TimSchumann 5y agoNot sure where you’re getting these numbers from, but where I grew up a million dollars would buy less than 100 acres of good farm land. Seems similar on the west coast where I live now. By my back of the envelope calculations, 3000 acres of good farmland would cost around 15 million easy. https://extension.umn.edu/farmland-rent-and-economics/farmland-sale-prices https://extension.umn.edu/farmland-rent-and-economics/farmla...
- throwaway316943 5y agoThey were national averages from the USDA for 2018-2019. The $1m value was the sales class of the farm, not the cost of land.