Farmington, MS is a small town located in Mississippi with a population of around 2,000 people. It is a great place to live for those looking for an affordable cost of living with two bedroom rent averaging at $770 which is significantly lower than the US average of $1,430. The Grocery Cost Index in Farmington, MS is 93 versus 100 in the US which means that food costs are even more affordable. Being such a small town, there aren’t many major companies but there are some amenities like fitness centers, libraries, and parks that can be found within the area. Local businesses include grocer shops like Brown's Grocery and specialty stores like The Furniture Store as well as services such as hair salons and veterinarians.
Farmington has an unemployment rate of 5.4%. The US average is 6.0%.
Farmington has seen the job market increase by 0.4% over the last year. Future job growth over the next ten years is predicted to be 32.2%, 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 5.0%. 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 $18,749 a year. The US average is $28,555 a year.
- The Median household income of a Farmington resident is $50,833 a year. The US average is $69,021 a year.