Off-farm income and government payments are the main income resources for farm households, as they provide farm households with management security. Increased income from off-farm work or government subsidies can be capitalized in farm assets such as farmland. A plethora of literature has investigated the impact of off-farm income and government subsidies on farmland values. However, these studies are mainly concentrated in North America and Western European countries. The goal of this paper is to study the impact of off-farm income and government subsidies on farmland values in South Korea using the unconditional quantile regression. The results show that off-farm income and government payments have positive and significant effects on farmland values; this effect is higher in the upper quantiles. For instance, a 100% increase in off-farm income increased farmland values by 21% in the 90th quantile, and a 100% increase in government subsidies increased farmland values by 10% in the 75th quantile. This implies that the increased income from off-farm work and government subsidies have contributed to higher farmland values. When comparing off-farm income and government subsidies, off-farm income had a greater impact on improving farmland values. After analysis, a graph displayed a comparison of the coefficients among the two models: OLS with robust standard error and unconditional quantile regression. In the graph, the differences of coefficients among the model were represented, and the distinctions between the coefficients of two estimates are considerable. Results from this study can assist policymakers in many countries as they design agricultural policies to encourage growth in the non-farm economy.