This paper investigates the determinants of farm income in Korea. The contributions of not only individual farm household characteristics but also the regional conditions where each farm is located are identified and quantified. For the purpose, two different sets of government data are combined. It is estimated that the regional conditions explain almost 14~16 percent of farm income variations. Like the case of individual characteristics, it is shown that the regional conditions contribute to farm agricultural income and off-farm income in a very different way, which implies that each farm household is required to adjust itself to its regional conditions appropriately to increase its whole farm income. In general, the regions specialized in vegetable or specialty-crop production obtain higher farm income. Farm infrastructure such as farm acreage and information technology facility contributes mainly to agricultural income but not to off-farm income. It is also found that the degree of urbanization affects both agricultural income and off-farm income, emphasizing its importance in determining future farm income.