Farmland is arguably the largest single item in a typical investment portfolio of U.S. farmers and USDA Economic Research Service (USDA-ERS) projects nearly $2.3 trillion in real estate equity for the US farm sector in 2014, which accounts for about 85% of the equity for the entire farm sector (USDA-ERS 2015). For Iowa, farmland not only represents the basis for our agricultural production, farmland, including buildings, represents over $259 billion dollars of wealth in the state of Iowa. After enjoying a decade of growth, farmland values in Iowa and in the Midwest is expected to further decline, which sparks recent interests on topics related to land values, land ownership and land tenure. Who owns, buys, and rents Iowa’s farmland, how it is farmed, and who will be vulnerable to potential declines in value are important questions for the future well-being of both Iowa farmers and the agricultural sector in the state in general.