Farm Household Income Forecast for 2023 and 2024—February 2024 Update
Suggested citation for linking to this discussion:
U.S. Department of Agriculture, Economic Research Service. (2024, February 7). Farm Household Well-being: Farm Household Income Forecast.
Median Income of Farm Operator Households Forecast To Increase in 2023, Marginally Decrease in 2024
Median total farm household income is forecast to have increased to $99,523 in 2023. That is a nominal increase of 4.3 percent (a 0.7-percent increase after inflation) between 2022 and 2023. In 2024, median total farm household income is forecast to decrease to $99,445. That is a nominal decrease of 0.1 percent (a decrease of 2.2 percent after inflation) between 2023 and 2024.
Farm households typically receive income from farm and off-farm sources. Median farm income earned by farm households is forecast to have increased in 2023 to -$542 from -$849 in 2022 and forecast to decrease to -$1,198 in 2024. Many farm households primarily rely on off-farm income. Median off-farm income in 2023 is forecast at $84,224, an increase of 3.8 percent (0.2 percent after inflation) from $81,108 in 2022. Median off-farm income in 2024 is forecast to increase to $86,555, an increase of 2.8 percent from 2023 (0.6 percent after inflation). 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.
