Farmington, IA is a small town located in Iowa, and boasts an affordable cost of living. The average 2 bedroom rent is $700 compared to the US average of $1,430. The grocery cost index in Farmington is 92 versus 100 in the US. This makes it a great option for those looking to keep costs low while still getting access to quality groceries and other necessities. Local companies include Ace Hardware, Valley View Veterinary Clinic, and Couples & Company Salon & Spa – all of which provide quality services at reasonable prices. All in all, Farmington offers a great balance between affordability and quality that can be hard to find elsewhere.
Farmington has an unemployment rate of 3.9%. The US average is 6.0%.
Farmington has seen the job market decrease by -2.6% over the last year. Future job growth over the next ten years is predicted to be 16.4%, which is lower than the US average of 33.5%.
Tax Rates for Farmington
- The Sales Tax Rate for Farmington is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Farmington is 9.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Farmington
- The average income of a Farmington resident is $18,955 a year. The US average is $28,555 a year.
- The Median household income of a Farmington resident is $53,400 a year. The US average is $69,021 a year.