Farm Household Income Preliminary Estimate for 2023 and Forecast for 2024—September 2024 Update
Suggested citation for linking to this discussion:
U.S. Department of Agriculture, Economic Research Service. (2024, September 5). Farm Household Well-being: Farm Household Income Forecast,
Median Income of Farm Operator Households Forecast To Increase in 2024
Median total farm household income decreased slightly in 2023 to $97,984 from $98,015 in 2022. Household income is forecast to increase to $99,683 in 2024; a nominal increase of 1.7 percent relative to 2023, but a decrease of 0.7 percent after accounting for inflation.
Farm households typically receive income from farm and off-farm sources. Median farm income earned by farm households decreased to -$900 in 2023 from -$800 in 2022 and is forecast to increase slightly in 2024 to -$834. Many farm households primarily rely on off-farm income. Median off-farm income in 2023 declined to $79,900 from $82,045 in 2022. In 2024, off-farm income is forecast at $82,796, 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.
