2017 Farm Household Income Forecast—November 2017 Update

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

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. Median household income, which fell 6 percent in 2015 and remained flat in 2016, is forecast to rise 1.7 percent in 2017 to $77,551 in nominal terms (0.2 percent when adjusted for inflation). Median farm income earned by farm households is estimated at -$940 in 2016 and is forecast at -$1,093 in 2017. In recent years, slightly more than half of farm households have lost money on their farming operations 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 $67,973 in 2017. (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.