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May 2, 2002  
FEFO 02-09


FARM AND FAMILY LIVING INCOME AND EXPENSES FOR 2001

In 2001 the total, noncapital, living expenses of 1,175 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $43,212--or $3,601 a month for each family (Table 1). This average was 1.6 percent higher than 2000 and 5.8 percent higher than in 1999. Another $4,885 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 $48,097 for 2001 compared with $47,526 for 2000, or a $571 increase per family. The average amount spent per family for capital items was $97 less, while noncapital expenses increased $668 per family. The sample farms, which were mainly grain farms, were located primarily in central and northern Illinois.

INCOME AND SOCIAL SECURITY TAXES PAID

Income and social security tax payments increased slightly in 2001 compared to the year before. The amount of income taxes paid in 2001 averaged $11,475 compared to $10,998 in 2000. Medical expenses were slightly higher in 2001 compared to 2000. In 2001, medical expenses averaged $5,710. Medical expenses include out-of-pocket costs for health insurance along with doctor and hospital expenses.

In the table, the averages per farm for total family living expenses are divided into five categories for 1998 through 2001. The "expendables" category includes cash spent for food, operating expenses, clothing, personal items, recreation, entertainment, education, and transportation. This category also includes selected itemized deductions such as the personal share of real estate taxes. Cash spent for capital improvements exceeding $250 is not included. The use of a rented house on an estimated 40 to 50 percent of the farms in this sample is not included, since these data cover only cash outlays.

For the complete narrative report, visit the management section at the farmdoc website:

http://www.farmdoc.uiuc.edu/manage/enterprise_cost/famLive2001.PDF


Issued by: Dale Lattz, Department of Agricultural and Consumer Economics

 

  

Department of Agricultural and Consumer Economics    College of Agricultural, Consumer and Environmental Sciences
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