(Washington, D.C.) – How much income did family farms bring in in 2022, per USDA’s latest “America’s Farms and Ranches at a Glance” report? USDA Reporter Rod Bain and Katherine Lacy of the Economic Research Service have the details.
“Over $95,000 that is the annual median total income for all U.S. family farm households per USDA’s 2023 “America’s Farms and Ranches at a Glance” report Economic Researcher Katherine Lacy says family farm households earn more in median income last year than all domestic households. Only retirement farms and wholesale farms have median income below U.S. household median income. Farm households in general were not considered low income or low wealth. Lacy knows one source of on farm income is paid from government agriculture programs. 25% of all farms report receiving some type of government payment and the share of farms receiving government payment by farm type are similar to the contributions to the total value of agricultural production. Mid-size and large-scale family farms accounted for 71% of the total value production and received 78%of counter cyclical type payments and received 64% of all other payment.”
