A Comparison of the Economic Well-Being of Farm and Nonfarm Households

Ani L. Katchova

American Journal of Agricultural Economics, 2008, vol. 90, issue 3, pages 733-747

Abstract: This study compares the economic well-being of farm and nonfarm households using data from the Agricultural Resource Management Survey and the Survey of Consumer Finances. Comparisons are made in terms of income and wealth using parametric and nonparametric tests, regression analyses, and inequality measures. The results show that the economic well-being of households differs based on their degree of involvement in business activities and their life-cycle stages. The main conclusion is that the income of rural residence and intermediate farms is comparable to that of wage-earning nonfarm households, while commercial farms are similar in well-being to nonfarm households with businesses. Copyright Copyright 2008 American Agricultural Economics Association.

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American Journal of Agricultural Economics is edited by Peter Berck, Robert J. Myers, Ian M. Sheldon and B. Wade Brorsen

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