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Living expenses $100/acre
An Illinois Farm Business Farm Management group estimates that in 2010, farm families had about $100/acre of living expenses. 200 bushel corn has about 50 cents/acre in living expenses. A market shift could have quite an impact.
The average family in the study spent about $67,606 in expenses and another $6604 in capital expenses such as furniture, automobiles, etc, for a total of $74209.
Income tax was 20064.
The average off-farm income per family was $35967, so I suppose that offsets farm income. The study doesn't say so but I'd think then you only have about $50/acre expenses more or less to make up from farm income. Read the study and see how you understand it.
http://www.farmdocdaily.illinois.edu/2012/02/keep_in_mind_family_living_whe.html
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Re: Living expenses $100/acre
wE SPEND TWICE THAT BUT WE DON'T HAVE MANY ACRES AND WE LIVE BETTER THAN WE SHOULD.
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Re: Living expenses $100/acre
I spend half of that and live as well as I need to. But, if it will help you out, send me some of your money and I'll endeavor ot spend it.
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Re: Living expenses $100/acre
You must have quite a few acres. Thankfully most of ours are paid for.
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Re: Living expenses $100/acre
Interesting numbers. Now comparing those numbers to median household income across the U.S., most farmers are very wealthy when compared to the average household. $74,209 versus $50,740 median household income (2007 numbers, latest online figures) http://www.fedstats.gov/qf/states/20000.html Even using the lower number before making capital purchases puts farm families above the median.