Median Farm Household Income Forecast Up in 2012 and in 2013
Projected median total farm household income is expected to increase by 1.2 percent in 2012, to $57,723, and by an additional 1.9 percent in 2013, to $58,845. Given the broad USDA definition of a farm, many farms are not profitable even in the best farm income years. Despite high prices for many crops, 2012 was no exception, with median farm income projected to be -$2,799. Most farm households earn all of their income from off-farm sources--median off-farm income is projected to increase by 3.4 percent in 2012, to $55,229 and by 3.9 percent in 2013, to $57,378.
Note: The median is the income level at which half of all households have lower incomes and half have higher incomes.