I looked up the price of farmland in Iowa, it's close to $12,000 an acre. A 155 acre farm sold last year for about $2.8 million. So, about 300 acres in Iowa would be worth $5 million. Maybe that farmer would consider himself "rich". He's likely not "hurting" in a given year though his income could bounce around a lot.
A farm that size likely has a lot of equipment and maybe two F250s or so.