Farmington, UT is a mid-sized city located in Northen Utah. It has a population of over 20,000 people and is known for its small-town vibes and strong sense of community. The cost of living in Farmington is relatively low compared to other parts of the country. The average two bedroom rental cost in Farmington is $1,480 whereas the US average is $1,430. Similarly the grocery cost index in Farmington is 97 versus 100 in the US indicating that groceries are also cheaper than the national average.
The economy of Farmington relies heavily on agriculture but over recent years there have been significant investments in IT and technology companies such as Dixie Applied Technology College (DATC) and Natural History Museum of Utah which have moved into the area. There are also several local businesses such as City Mercantile Grocery Store, Arches Brewing Taproom & Eatery and True Value Hardware Store that make up some of the foundations of this town's local economy.
Farmington has an unemployment rate of 2.5%. The US average is 6.0%.
Farmington has seen the job market increase by 1.0% over the last year. Future job growth over the next ten years is predicted to be 41.0%, which is higher than the US average of 33.5%.
Tax Rates for Farmington
- The Sales Tax Rate for Farmington is 6.9%. 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 $30,329 a year. The US average is $28,555 a year.
- The Median household income of a Farmington resident is $107,559 a year. The US average is $69,021 a year.