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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