Wealth and Income Contribute Jointly to the Economic Well-Being of Farm Operator Households
2019
Mishra, Ashok | El-Osta, Hisham | Morehart, Mitchell | Johnson, James | Hopkins, Jeffrey
Economic well-being of the farm sector and farm households has been historically associated with incomes, especially income from farming. However, net income of the farm business may be a small percentage of the total income available to the farm family. Since the early 1990s, just under half of U.S. farm operators indicated in USDA surveys that their major occupation was something other than farming. Thus, the true economic well-being of farms must account for all income, both farm and off-farm, as well as the growing importance of wealth such as home equity and investments.
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