Murray State University
STUDY 1: A Comparative Analysis of Land Prices in Illinois
Institution
Murray State University
Faculty Advisor/ Mentor
David Eaton
Abstract
As a person who has lived in southern Illinois my entire life, I have had the opportunity to watch agricultural, commercial, and residential land prices raise significantly in the past eight to ten years. This project seeks to understand why this happened. This project examines land-price changes in rural and urban areas throughout the state of Illinois to determine how changes in value of other uses of land impacts sale price. In urban areas primary alternative use of land is residential housing. In rural areas changing prices for agriculture products will change the value of the land as profits from agriculture change with price.
STUDY 1: A Comparative Analysis of Land Prices in Illinois
As a person who has lived in southern Illinois my entire life, I have had the opportunity to watch agricultural, commercial, and residential land prices raise significantly in the past eight to ten years. This project seeks to understand why this happened. This project examines land-price changes in rural and urban areas throughout the state of Illinois to determine how changes in value of other uses of land impacts sale price. In urban areas primary alternative use of land is residential housing. In rural areas changing prices for agriculture products will change the value of the land as profits from agriculture change with price.