Farm household income to fall 2.5%

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click image to zoomWrench Farmers will have a smaller income this year with projected 2013 median income decreasing by 2.5 percent.

The USDA report lists the median total farm household income to reach $66,989 in 2013, down $1,691 from 2012.

The most recent data shows the total is a combination of farm income and off-farm income. This year’s farm income is projected to fall $847 to settle at a median loss of $2,300, however the median off-farm income is expected to increase by 1.8 percent, reaching $60,659 in 2013.

The USDA recognizes median total income will generally not equal the sum of median off-farm and median farm income because figures are based on unique distributions.

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