Farm household income and net worth increased from 2021 to 2023 relative to 2019

Between 2019 and 2023, U.S. farm households experienced substantial gains in both income and net worth, two important measures of household financial well-being. Average farm household income grew steadily and was 60 percent higher by 2023 compared to 2019 (all values nominal). These increases were driven primarily by strong growth in average income from farming, which outpaced gains from off-farm wages and salaries. While farm household income rose steadily, wage and salary income from off-farm sources fluctuated across the period and finished only modestly higher in 2023 relative to 2019. Average hours worked on the farm by the principal operator and spouse increased each year relative to 2019, while hours worked off the farm declined, reflecting a shift in labor allocation toward farm activities, consistent with strong farming income growth. Farm net worth also grew robustly throughout this time period and was 64 percent higher in 2023 compared to 2019. Rising farm net worth contributed to higher overall total farm household net worth, with average farm household net worth reaching approximately $2.5 million in 2023, up from $1.7 million in 2019. This chart appears in the ERS report Agricultural Income and Finance Situation and Outlook: 2021–23 Edition, published in September 2026.