Latest information posted is back in 2022 at that time 84% of all Iowa farmland was debt free.  farmland-ownership-tenure-2022_0.pdf page 23 if you want to look it up.

If you own free and clear farmland how much more can you cash flow? Average rent in Iowa is around $270 an acre if you can own ground for that as a payment. A fifteen-year payment on $15,000 land is $1,457. For every 440 acres people own free and clear they can easily purchase another 100 acres no money down.

It's a simple case of the haves and the have nots. If you have something, it's easy to get more and if you don't have any very hard to get some. Since the home-stead days farmland values have crashed twice once in the 1930's and again in the 1980"s both times the value dropped close to 80%. The first time it took WW2 for it to recover the second time it took 20 years to recover. In both cases the ones that held on through the bad times became well off and the ones with the guts to get in at the darkest times became incredibly wealthy.