US farm households grew markedly better off in both income and wealth between 2019 and 2023, according to a Chart of Note from the US Department of Agriculture's Economic Research Service (ERS). Average farm household income was 60% higher in 2023 than in 2019, and farm net worth was 64% higher. All values are nominal.
The gains came mainly from farming itself. Average income from farming grew strongly and outpaced gains in off-farm wages and salaries, ERS found. Off-farm wage and salary income fluctuated over the period and ended 2023 only modestly above its 2019 level, while total farm household income rose steadily year by year.
The way households spent their working time shifted the same way. Average hours worked on the farm by the principal operator and spouse rose each year relative to 2019, while hours worked off the farm declined, a change ERS describes as consistent with the strong growth in farming income.
Wealth followed. Rising farm net worth lifted total farm household net worth, which averaged about $2.5 million in 2023, up from $1.7 million in 2019.
Income and net worth are two of the main measures of a household's financial well-being, and the chart shows both moving up together over the four years. The figures come from the ERS report Agricultural Income and Finance Situation and Outlook: 2021-23 Edition, published in September 2026.
Source: USDA Economic Research Service
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