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

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.