1870 was the first US Census in which farmers were in the minority (47.7%).Today, only 1.3% of Americans are still farming and increasingly do so on operations of over 2,000 acres. Even so, family farms still make up 98% of our agricultural sector. Farm ownership still reflects the legacy of the Homestead Act of 1862 as a great deal of current farmland still belongs to descendants of the 19th century homesteaders.
According to the most recent USDA Census of Agriculture in 2017, the largest share of the US agricultural land is owned by families and individuals (201.5 million acres of cropland and 223.8 million acres of pastureland). Partnerships and family corporations own most of the remaining private land with non-family corporations holding only 3.1 million acres of cropland and 6.4 million acres of pastureland.
The remaining farmers have typically expanded their operations by renting additional acres rather than by purchasing land. That approach makes perfect sense in the high risk, moderate reward business of farming where the likelihood of a year with bad weather or low commodity prices makes it too risky to take on a big mortgage.
REPOSTED FROM FORBES.COM – READ FULL ARTICLE HERE
