Quick Takeaways

  • Hobby farms are not the primary source of income
  • Hobby farms are less than 50 acres
  • Business farms are the primary source of income

Source: What are Hobby Farms – Hobby Farm Vs. Business Farm (Gardening Know How, Jan. 13, 2023)

Buying farmland can be a challenge with rising prices and investor buying up  farmland. When you do find farmland, be sure to evaluate the land before you buy. Find a mentor to help you make a decision.

There are many options to financing a farmland purchase.  You can use a commercial bank that has an agricultural department, get a grant or applying for a USDA loan.

The USDA tracks farmland prices and says that farmland values have risen 7.4% from 2022.  Farmland values are expected to stay high in 2024.

Hobby farms are a great way to dip your to into farming.  They are smaller than a regular farm with no pressure to produce a profit. Get your questions answered about this popular form of farming.

Agrihoods are popping up in many places in the U.S. They can range from urban locations like the new agrihood in Detroit, or a lush development in Hawaii.  You can get locally grown produce, but housing prices in these developments can be expensive.

Need more help?  Check out the list of useful websites, ranging from advice to young farmers to a financial toolbox for your farm business.

See References for more information.