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noncompos
02-01-2008 14:05:12
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Looking for some price comparisons, and ran across Iowa State U's Iowa farmland value table, showing $2147 per acre in 1981 (just before the break)(up from $261 in 1960), $1857 in 2000 and $3908 in 2007 (State averages).
Other sites give 1980 car prices (presumably Ford/Chev full-size 4dr) $5900-6000, gas .95 ,1.03 and 1.25. (Granted these are all averages, and local prices would vary widely at times).
So: in '81, around 2.8 ac would buy a new car, but in 2007, assuming same size car at 20K, would take 5+ ac...(hopefully, the 07 car would last longer).
For gas, a 1981 ac, at $1.03, would buy 2084 gals, and at $1.25 would buy 1717 gals, while a 2007 ac, at $2.75, would buy 1421 gals.
While it's hard to apply averages to specific locations, do any of you in Iowa, operating since the 80s, feel land values are low (in relation to what the money would buy) compared to the 1981 peak?
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