Woman in home office reviewing paperworkFarm real estate debt is expected to reach a new record high in 2023. USDA’s Economic Research Service shows debt tied to real estate could hit $375.9 billion this year. Farm debt has been steadily climbing since 2009 and, when adjusted for inflation, is expected to be 87.5% higher this year compared to 2009.

Real estate debt has historically been similar to non-mortgage debt in agriculture, but that has changed in recent years. Non-real estate debt has climbed 11.9% year over year in 2014 inflation-adjusted dollars. But it declined after 2017. Meanwhile, 2023 is expected to show a 33% higher than the ten-year average real estate debt while non-real estate debt is expected to drop by 10%.

Read more on farm real estate debt here.