Median farm household income forecast to decline slightly in 2014

Median farm household income forecast to decline slightly in 2014

Median total farm household income is forecast to decline slightly in 2014 to $70,992, down from $71,504 forecast for 2013. Given the broad USDA definition of a farm and the large number of relatively small farms, most farm households earn all of their income from off-farm sources. In 2014, median off-farm income is projected to increase by 3.7 percent to $64,840. On the other hand, many farms are not profitable businesses even in the best farm income years; as a result, median income from farming is negative when calculated for all farm households. Sector-wide farm income is expected to dip in 2014, and median farm household income from farming is expected to decline to -$1,626. (Note: Because they are based on unique distributions, median total income will generally not equal the sum of median off-farm and median farm income.) This chart is found in the ERS topics page, Farm Household Well-being, updated August 26, 2014.


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