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August 7, 2017

Ready to buy a farm? Consider Maine

Maine farmland is selling for well below the national average of $3,080 an acre.

Bloomberg News reports that Maine farmland is selling for $2,200 an acre, among the best values in the country.

In the continental United States, Maine has the cheapest farmland east of the MIssissippi. A number of western states, known more for grazing than farming, have cheaper land, with the best bargains in New Mexico at $580 an acre.

Farmers in Rhode Island would pay the highest premium, with average farmland at $13,800, well over the national average.

As always, with farmland, experts caution that you have to buy land suitable to the crops you wish to grow, in the climate that will match your goals.

"What region you're in and what commodities you produce matter," said Dan Kowalski, director of research at CoBank, an agricultural lending cooperative based in Greenwood Village, Colorado.

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