Housing costs in Farmington?
A typical home costs
$216,100, which is 36.1% less expensive than the national average of
$338,100 and 19.1% less expensive than the average New Mexico home, at
$267,100. Renting a two-bedroom unit in Farmington costs
$1,050 per month, which is 26.6% cheaper than the national average of
$1,430 and 2.9% more than the state average of
$1,020.
Can I afford Farmington?
To live comfortably in Farmington, New Mexico, a minimum annual income of
$41,400 for a family, and
$35,600 for a single person is recommended.
What does A.I. say about Farmington?
The cost of living in Farmington, NM is relatively low compared to other cities in the US. The median home value is below the national average at $141,100 and the median rent price is also lower than the national average at $744 per month. Additionally, utilities are low with electricity costing an average of 8.41 cents per kWh while natural gas costs an average of 2.29 cents per therm. Living expenses are further reduced as grocery prices are 5% lower than the US average and health care costs 10% lower than the US average. All this makes Farmington a great place for those looking for a reasonably priced city to live in without sacrificing access to amenities or quality services.