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Structure and Finances of U.S. Farms: 2005 Family Farm Report

50 Pages Posted: 13 Aug 2006  

Robert A. Hoppe

U.S. Department of Agriculture (USDA) - Economic Research Service (ERS)

David Banker

U.S. Department of Agriculture (USDA) - Economic Research Service (ERS)

Date Written: May 2006

Abstract

Most farms in the United States - 98 percent in 2003 - are family farms. They are organized as proprietorships, partnerships, or family corporations. Even the largest farms tend to be family farms, although they are more likely to have more than one operator. Very large family farms and nonfamily farms account for a small share of farms but a large - and growing - share of farm sales. Small family farms account for most of the farms in the United States but produce a modest share of farm output. Median income for farm households is 10 percent greater than the median for all U.S. households, and small-farm households receive substantial off-farm income. Many farm households have a large net worth, reflecting the land-intensive nature of farming.

Keywords: Agricultural Resource Management Survey (ARMS), family farms, farm

Suggested Citation

Hoppe, Robert A. and Banker, David, Structure and Finances of U.S. Farms: 2005 Family Farm Report (May 2006). USDA-ERS Economic Information Bulletin No. 12. Available at SSRN: https://ssrn.com/abstract=923592 or http://dx.doi.org/10.2139/ssrn.923592

Robert A. Hoppe (Contact Author)

U.S. Department of Agriculture (USDA) - Economic Research Service (ERS) ( email )

355 E Street, SW
Washington, DC 20024-3221
United States
(202) 694-5572 (Phone)

David Banker

U.S. Department of Agriculture (USDA) - Economic Research Service (ERS) ( email )

355 E Street, SW
Washington, DC 20024-3221
United States

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