The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,140 per acre

While the average farm size has been increasing approximately two acres per farm each year since 2012, the number of farms is decreasing. Today, the average farm size is 444 acres.

444*3140 1,394,160

US average farmer is a millionaire. Go ask one if he feels rich.

Do most farmers actually own the land that they work on? I was under the impression that most farming is done by large companies and that there are not many small independent farmers that exist.

When I was working on farms ( 30 yrs ago ) most farmers were still on property they owned. During that time I saw the shift to corporate farms and I dont know that answer as I have found less labor intensive work.

Most of the corporate structures I saw were family or a combination of family and friends.

I think many farmers are pretty levered. Whether its mortgage on the land or loans for operating capital, to make a decent return on equity you've got to borrow.

I would agree with that perspective. I knew a few farmers that owned it all but those have passed on.