Farmington, KY is a small town located in Kentucky that offers its residents a great quality of life. The average rent for a 2-bedroom apartment in Farmington is $750, which is significantly less than the national average of $1,430. In addition, the Grocery Cost Index in Farmington is 93 compared to 100 in the US, meaning groceries are relatively cheaper here than elsewhere. There are many local companies located in Farmington such as BMG Marketing Group, American Mold & Engineering, and Primary Care Associates. Residents of Farmington benefit from living in a small town with opportunities to save money on rent and groceries while still having access to nearby businesses offering various job opportunities.
Farmington has an unemployment rate of 4.9%. The US average is 6.0%.
Farmington has seen the job market decrease by -2.8% over the last year. Future job growth over the next ten years is predicted to be 31.7%, which is lower than the US average of 33.5%.
Tax Rates for Farmington
- The Sales Tax Rate for Farmington is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Farmington is 6.8%. 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 $15,847 a year. The US average is $37,638 a year.
- The Median household income of a Farmington resident is $0 a year. The US average is $69,021 a year.