Slight Decline Is Forecast for Median Farm Household Income in 2014
Median total farm household income is forecast to decrease slightly in 2014, to $70,564, down from $71,697 estimated for 2013. Given the broad USDA definition of a farm, many farms are not profitable even in the best farm income years. The median farm income of -$1,626 is down slightly from the 2013 estimate of -$1,141. Most farm households earn all of their income from off-farm sources—median off-farm income is projected to increase 3.7 percent in 2014 to $64,825. (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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