City Dwellers Plow Money into Farmland

Stephanie Simon takes a look at the city "slickers"/dwellers who are buying up farmland as an investment and renting it back to traditional farmers:

Seeking steady, secure investments to round out their portfolios, big-city investors are increasingly buying Midwest farmland, spending $100,000 to $500,000 per field.

Many hire professional farm managers to maximize their profits. The managers, in turn, hire farmers like Wyant — sometimes offering them a stake in the crop but often paying them by the hour (or the acre), like a hired hand.

Posted by James Zellmer at February 20, 2005 12:55 PM | Subscribe to this site via RSS:
Posted to Agriculture | Business | Culture