Farm Household Income Forecast for 2022 and 2023—February 2023 Update
Suggested citation for linking to this discussion:
U.S. Department of Agriculture, Economic Research Service. Farm Household Well-being: Farm Household Income Forecast, February 7, 2023.
Median Income of Farm Operator Households Forecast to Increase Nominally, Decrease After Inflation, in 2022 and 2023
Median total farm household income is forecast to increase in 2022 to $94,853 and again to $96,715 in 2023. That is a nominal increase of 2.8 percent (a 3.6-percent decline after inflation) between 2021 and 2022, and a 2.0-percent nominal increase (a 0.8-percent decline after inflation) in 2023 from the previous year.
Farm households typically receive income from both farm and off-farm sources. Median farm income earned by farm households is forecast to decrease in 2022 to -$683 from $210 in 2021, and then forecast to decline further to -$1,125 in 2023. Many farm households primarily rely on off-farm income: median off-farm income in 2022 is forecast at $88,201, an increase of 6.5 percent (a decrease of 0.2 percent after inflation) from $82,809 in 2021, and to continue increasing by 3.3 percent (0.4 percent after inflation) to $91,080 in 2023. Since 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.
