When Creating 2025 Crop Budgets, Keep in Mind Family Living Costs

Bradley Zwilling

farmdoc daily, 2025, vol. 14, issue 209

Abstract: In 2023, the total noncapital living expenses of 1,345 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $97,100--or about $8,000 a month for each family (Figure 1). This average was about 6 percent higher than in 2022. Another $8,762 was used to buy capital items such as the personal share of the family automobile, furniture, and household equipment. Thus, the grand total for living expenses averaged $105,862 for 2023 compared with $98,833 for 2022, or a $7,029 increase per family.

Keywords: Agribusiness; Budgets; Profitability (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:ags:illufd:358398

DOI: 10.22004/ag.econ.358398

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