IN-DEPTH: Future of American Farms Uncertain as Aging Farmers Retire Without Successors
It’s no secret that America’s hardworking farmers are looking to hang up their hats. However, the price of land has left many producers struggling to find successors willing or able to follow in their footsteps.
Research shows 62 percent of U.S. farmers were older than 55 as of 2017. That means more than half of American farms will begin undergoing ownership transitions as that group reaches retirement age by 2027.
This is happening against a backdrop of states racing to pass new legislation to restrict foreign purchase of U.S. agricultural land. At the same time, wealthy private investors are grabbing up as much as they can….