Farmington, NM 87401 is a booming city with many attractions to its residents. The two bedroom rent in this area is $1,000 per month which is significantly lower than the US average of $1,430. Grocery Cost Index in this area is also low at 95 compared to the national average of 100.
The city has plenty of businesses that contribute to the local economy as well as provide jobs for locals. Some of these companies include San Juan College, Farmington Electric Utility System, K&K Excavating, and Cactus Air Services. San Juan College offers a variety of educational opportunities through its two-year community college program while Farmington Electric Utilities System provides electricity to residents throughout the city and surrounding areas. K&K Excavating is a locally owned contracting firm that specializes in excavation services while Cactus Air Services provides aircraft maintenance services and repairs for private planes.
Farmington (zip 87401) has an unemployment rate of 9.0%. The US average is 6.0%.
Farmington (zip 87401) has seen the job market decrease by -7.9% over the last year. Future job growth over the next ten years is predicted to be 19.8%, which is lower than the US average of 33.5%.
Tax Rates for Farmington (zip 87401)
- The Sales Tax Rate for Farmington (zip 87401) is 7.6%. The US average is 7.3%.
- The Income Tax Rate for Farmington (zip 87401) is 4.9%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Farmington (zip 87401)
- The average income of a Farmington (zip 87401) resident is $23,156 a year. The US average is $37,638 a year.
- The Median household income of a Farmington (zip 87401) resident is $49,950 a year. The US average is $69,021 a year.