Farmington, KY is located in the Appalachian region and is a rural area with an estimated population of 42040. The average 2 Bedroom rent in Farmington is $770, which is significantly lower than the national average of $1,430. This lower cost of living can be seen in the Grocery Cost Index of 94 as opposed to 100 nationally, making it a great choice for those looking to save on their living expenses. Local companies in Farmington include businesses such as Advanced Plumbing & Heating Services Inc., Farmville Home Center, and Farmers Market Café & Catering. These businesses provide goods and services that help keep the community running.
Farmington (zip 42040) has an unemployment rate of 4.9%. The US average is 6.0%.
Farmington (zip 42040) 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 (zip 42040)
- The Sales Tax Rate for Farmington (zip 42040) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Farmington (zip 42040) 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 (zip 42040)
- The average income of a Farmington (zip 42040) resident is $33,732 a year. The US average is $37,638 a year.
- The Median household income of a Farmington (zip 42040) resident is $54,438 a year. The US average is $69,021 a year.