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Median farm household income forecast lower in 2013
Story Date: 8/28/2013
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Source: USDA ECONOMIC RESEARCH SERVICE, 8/27/13
Projected median total farm household income is expected to decrease by 2.5 percent in 2013, to $66,989. Given the broad USDA definition of a farm, many farms are not profitable even in the best farm income years. Despite high prices for many crops, 2012 was no exception, with a median farm income of -$1,453.
With sectorwide net cash farm income forecast to decline in 2013, median farm income is expected to decline to -$2,300. Most farm households earn all of their income from off-farm sources—median off-farm income is projected to increase by 1.8 percent in 2013, to $60,659. (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.) See more financial statistics for farm operator households.
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