The report shows a decline in farm income as a share of total income in the period from 2004 to 2020. Farmers' total income, however, increased significantly in the same period: median real income increased by 44 percent between 2004 and 2020. The income growth for farmers is higher than the growth in income for other comparison groups. The report also shows that younger farmer households tend to have higher levels of debt than non-farm households at the same ages, and that Norwegian farmers’ debt increased (in real terms) between 2004 and 2020.