Next Generation of Landowners

Over the last few decades, there’s been a noticeable shift in farm and land ownership trends. Baby Boomers are aging out of the farming industry, trading spots with Gen-Xers and Millennials who want to buy land for the farmers to farm or to become farmers themselves. Yet, for farms that have been passed down from generation to generation for centuries, this marks a significant switch in land management.

According to the American Farmland Trust, over the next 15 years, 40% of our agricultural land will be in transition. While already underway, there are many positives within this progression that we should focus on.

For instance, there is an increase in the number of new farmers and the average age of these farmers is younger than previous generations. The 2022 USDA Census of Agriculture found that over 1 million of the 3.4 million producers in the U.S. were considered beginning farmers and, within that demographic, the average age was 47 years old. Further, there was even a slight increase in the number of producers under the age of 35.

The number of female farmers is on the rise, making up 36% of the total number of farmers in the U.S. Women have also increased their leadership roles within the agriculture industry by holding executive positions at the American Farm Bureau, the Indiana Soybean Alliance, Farm Journal and more.

The face of the family farmer is also becoming more diverse. Hispanic, Black, Asian American and Native American farm ownership has increased within these minority groups, with programs and resources to offer continuous support.

And farmers who served or were serving in the U.S. military are also farming. They currently make up 9% of U.S. farmers with 77% having farmed for 11 years or more. Over half were farming as their primary occupation.

As this evolution continues, Geswein Farm & Land Realty, LLC is poised to meet the needs of these individuals passionate about the land, the resource and the future. Whether they’re coming into the farming industry to meet the agricultural needs of their communities, to boost conservation for outdoor pursuits or simply because of their interest in sustainability, soil health and carbon capture, our job is to serve landowners, farm families and heirs across Indiana, Illinois and Michigan to enrich the value of land and build upon a legacy of stewardship for positive outcomes that ensures farming continues into the future.

With the dynamic shift in farmland ownership already happening, our goal is to provide economic and environmental benefits for both farmers and landowners. We can help new and existing landowners build farmland management strategies that provide social and environmental returns. We also provide consulting and advising with regard to common challenges facing farmland owners today, such as:

• What to do if you inherit a farm
• Farmland ownership: How to value and sell an undivided interest
• The tax benefits of a farmland installment sale
• Determining farm lease agreements
• Understanding 1031 exchanges

Reach out to one of our experienced team members for more information today.