Forty-two percent of family farms had income below the U.S. median, and 5 percent had wealth below the U.S. median in 2023

The proportion of family farm households with income below the U.S. median of $80,610 was 42 percent, and the share with lower wealth was 5 percent. The proportions varied in 2023 depending on the type of farm, with small farms tending to have a greater share below the U.S. median. Low-sales family farms had the highest proportion (73 percent) of households with incomes below the U.S. median, and very large family farms had the smallest proportion (10 percent). For household wealth, measured as the value of the assets of all household members minus debt, the median total for all family farm households was $1.4 million, compared with the median of $200,662 for all U.S. households. About 5 percent of all family farm households had wealth below the U.S. median, with that percentage ranging from none to 7 percent depending on the size and type of farm. This chart appears in the USDA, Economic Research Service report America’s Farms and Ranches at a Glance, 2024 Edition, published in December 2024.