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According to the Farm Bureau of New York, agriculture accounted for $5.75 Billion in revenue in this state in 2017. This makes NY a leading agricultural state in the country.
In the 2017 Ag Census, there were:
- 33,438 active farms in New York State
- Over 6.8 Million acres of land being actively farmed
- New York farms employing over 55,000 people (dairy and milk production accounts for almost half)
However, despite the growing demand for food and agricultural products, farmland is on the decline in NYS due to urban sprawl and other factors.
There were 7,183,576 active farmland acres in 2012 compared to 6,866,171 acres in 2017. That is a decline of roughly 4.5% in just a few short years.
Not to mention, 98% of farms in New York are family owned with the average operator being 55.8 years old. A lot of land is going to change hands as this generation of farmers looks to retire.
Interest in farmland as an investment has risen, especially over the last year. Even if you do not want to work on a farm yourself, many are now buying land that they instead rent out to farmers.
This allows investors to own an asset that historically increases in value while earning rental income in the process.
|$8,000+||View Investments||Yes||US Farmland, Timberland, Vineyards|
|$15,000+||View Investments||Yes||US Farmland|
|$30,000+||View Investments||No||South American Farmland|
How To Buy NY Farmland
If you are looking to invest directly into New York farmland, there is no direct means for exposure outside of buying your own farm directly. There are many online crowdfunded farmland investing platforms, but none have listed farmland in this area yet.
Nonetheless, if you are looking to buy your own farmland in New York, here's a few good places to start!
There are a few downsides to buying your own farm directly. First of all, the upfront cost will likely be $50,000+ meaning you need a lot of money. If you plan on going to a bank for a loan, they will likely ask if you have prior farming experience.
If you plan on renting out the land to a farmer, you will be responsible for finding a tenant, creating a lease agreement and managing the relationship.
Lastly, owning one single farm does not provide you with diversification.
Nonetheless, for those looking to invest a sizable amount of money, farmland in NYS could be a solid choice.
If you do not have that much to invest, check out these farmland REITs.
These are portfolios of hundreds of farms all over the United States, and the minimum investment is the cost of a single share. You can invest in farmland with as little as $100.