Central MN Farm Income Up – New Report
The net farm income in 2022, or the amount of money that remains in an operation to make family living, non-farm capital purchases, income tax payments, and principal payments for land and machinery purchases, was reported as $311,240, which is the highest average net farm income on record.
The median net farm income, or the midpoint of all incomes reported, was $177,614.
Over 1,400 Minnesota farms participated in the study, with more than 60 percent grain farms, 12 percent livestock operations, and the balance were combinations of crop, livestock, and other enterprises.
Other details from the report:
- The average farm business received $14,606 in government program payments, which is down from the total reported in 2021 of $58,190.
- The average family living income was reported at $71,375. That’s a slight increase over 2021 reports. The average non-farm income was $45,240, which represents about 38% of the total net farm income.
- The average farm business working capital was reported to be $601,008, more than three times higher than the working capital reported in 2019.
Overall, the report finds excellent crop farm returns with more modest livestock income and a generally positive outlook for the future.
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