Farmington, MN

Average · 106

Minnesota · Population 23,675 · Updated March 2026

$1,275
Median Rent / Month
$118,556
Median Income
$345,100
Median Home Value
$1,822
Owner Costs / Month

Affordability

How far your income goes in Farmington

12.9%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Minnesota

State-level tax rates that affect your costs

9.85%
Income Tax (Top Rate)
6.875%
Sales Tax
1.11%
Property Tax Rate

Estimated Annual Costs

$15,300
Annual Rent
$11,678
State Income Tax
$3,831
Property Tax (est.)

Cost of Living Overview

Farmington is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 106 (where 100 equals the national median), Farmington residents can expect to pay median rent of $1,275/month while earning a median household income of $118,556/year.

The median home value in Farmington, MN is $345,100, with typical monthly owner costs around $1,822 including mortgage, insurance, and taxes. The median rent-to-income ratio of 12.9% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Minnesota's top income tax rate of 9.85% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.875% sales tax rate and 1.11% effective property tax rate, the overall tax environment is a factor in the total cost of living in Farmington.

Frequently Asked Questions

Common questions about living costs in Farmington

What is the cost of living in Farmington, MN?
The cost of living index in Farmington, MN is 106 (US average = 100). Median monthly rent is $1,275, median household income is $118,556/year, and the median home value is $345,100.
Is Farmington, MN affordable?
No, Farmington is more expensive than the national average with a cost index of 106. The rent-to-income ratio is 12.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Farmington, MN?
The median gross rent in Farmington, MN is $1,275 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,300.
What is the median household income in Farmington?
The median household income in Farmington, MN is $118,556 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Minnesota?
Minnesota has a top income tax rate of 9.85%, a sales tax of 6.875%, and an effective property tax rate of 1.11%.