Structure and Finances of U.S. Farms: Family Farm Report, 2007 Edition

by Robert A. Hoppe, Penni Korb, Erik O'Donoghue, and David E. Banker

U.S. farms are diverse, ranging from small retirement and residential farms to enterprises with annual sales in the millions. Nevertheless, most U.S. farms-98 percent in 2004-are family farms. Even the largest farms tend to be family farms. Large-scale family farms and nonfamily farms account for 10 percent of U.S farms, but 75 percent of the value of production. In contrast, small family farms make up most of the U.S. farm count, produce a modest share of farm output, and receive substantial off-farm income. Many farm households have a large net worth, reflecting the land-intensive nature of farming.

Keywords: Contracting, family farms, farm businesses, farm financial performance, farm-operator household income, farm operators, farm structure, farm type, million-dollar farms, small farms

In this publication...

• Entire Report
• Report summary
• Abstract, Contents, and Summary
• Introduction
• U.S. Farms: Numbers, Size, and Ownership
• Operator Demographics
• Farm Income and Financial Performance
• Sources and Levels of Operator Household Income
• Government Payments
• Special Feature: The Shift to Large Farms
• Contracting
• Conclusions
• References
• Appendix I
• Appendix II