2018 Farm Household Income Forecast—February 2018 Update

Median Income of Farm Operator Households Expected To Be Relatively Unchanged in 2017 and 2018

Farm households typically receive income from both farm and off-farm sources. The total median income of U.S. farm households increased steadily over 2010-14, reaching an estimated $81,637 in 2014 in nominal terms. Median household income, which fell 6 percent in 2015 and remained flat in 2016, is forecast to rise 3.5 percent from its 2016 level by 2018 to $78,886 (but decrease 0.8 percent in inflation-adjusted terms). Median farm income earned by farm households is estimated at -$940 in 2016 and is forecast to decline to -$1,316 in 2018. In recent years, slightly more than half of farm households have had negative farm income each year. Most of these households earn positive off-farm income—and median off-farm income is forecast to increase 2.3 percent from $66,468 in 2016 to $68,011 in 2017, and another 2.8 percent in 2018 to $69,940. (Because farm and off-farm income are not distributed identically for every farm, median total income will generally not equal the sum of median off-farm and median farm income.)

See the Farm Household Income and Characteristics data product tables for financial statistics of farm operator households.