NEW REPORT: Iowa Farm Income Falls 53% Over Three Years

NEW REPORT: Iowa Farm Income Falls 53% Over Three Years

DES MOINES, IA – Iowa farmers are facing more financial hardship as a new report reveals farm incomes fell 53 percent over three years. The steep drop in income is attributed to high input costs, depressed corn and soybean prices, and an uncertain trade economy. The fiscal pain is likely to continue through 2027, the report found.

One factor hurting the bottom line for farmers is significantly increased production costs, with corn growers paying 37 percent more for items like seed, fuel, and fertilizer and soybean producers paying 36 percent more since 2021. These rising input costs have left many family farms in the red or barely breaking even. As the nation’s largest corn-producing and second-largest soybean state, Iowa farmers are being hit particularly hard. Farm bankruptcies more than doubled last year, and the report found that 19 percent of mid-size and large Iowa farms were considered financially vulnerable in December 2025 — more than double the 7.7 percent identified in 2022.

“Iowa farmers shouldn’t have to work twice as hard just to fall further behind. This report confirms what farmers have been saying for years: we’re paying more, earning less, and getting squeezed from every direction, with no help from our leaders,” said nominee for lieutenant governor Dave Muhlbauer. “Family farmers deserve leaders who will stand with them and know first-hand the struggles they face, not leave them to shoulder the burden alone. We can’t afford four more years of the same. It’s time for leadership that will put Iowa farmers first, give family farms a fair shot to succeed, and build a stronger future for rural Iowa. That’s exactly what Rob Sand and I are fighting for.”

As governor, Rob Sand’s “A Healthier Iowa for All” plan would help make farming more affordable by expanding conservation tax credits that help farmers pay for practices they already want to implement. His plan creates an income tax credit for conservation practices and a per-acre property tax credit for farms using approved nutrient management plans — helping family farmers lower costs while protecting Iowa’s land and water.

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