Farm Household Income Forecast for 2024—December 2024 Update
Suggested citation for linking to this discussion:
U.S. Department of Agriculture, Economic Research Service. (2024, December 3). Farm household well-being: Farm household income forecast.
Median Income of Farm Operator Households Forecast To Increase in 2024
Median total farm household income is forecast to increase by 2.7 percent (0.2 percent after inflation) in 2024 to $100,634 from $97,984 in 2023.
Farm households typically receive income from farm and off-farm sources. Median farm income earned by farm households is forecast at -$751 in 2024, a small increase from -$900 in 2023. Many farm households primarily rely on off-farm income. Median off-farm income is forecast at $82,775, an increase of 3.6 percent (1.1 percent after inflation) relative to 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.
