Farmington, MO

Very Low · 61

Missouri · Population 17,999 · Updated March 2026

$856
Median Rent / Month
$49,882
Median Income
$187,500
Median Home Value
$887
Owner Costs / Month

Affordability

How far your income goes in Farmington

20.6%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Missouri

State-level tax rates that affect your costs

4.95%
Income Tax (Top Rate)
4.225%
Sales Tax
0.93%
Property Tax Rate

Estimated Annual Costs

$10,272
Annual Rent
$2,469
State Income Tax
$1,744
Property Tax (est.)

Cost of Living Overview

Farmington is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 61 (where 100 equals the national median), Farmington residents can expect to pay median rent of $856/month while earning a median household income of $49,882/year.

The median home value in Farmington, MO is $187,500, with typical monthly owner costs around $887 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.6% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Missouri has a moderate income tax rate of 4.95%. Combined with a 4.225% sales tax rate and 0.93% 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, MO?
The cost of living index in Farmington, MO is 61 (US average = 100). Median monthly rent is $856, median household income is $49,882/year, and the median home value is $187,500.
Is Farmington, MO affordable?
Yes, Farmington is more affordable than the national average with a cost index of 61. The rent-to-income ratio is 20.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Farmington, MO?
The median gross rent in Farmington, MO is $856 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,272.
What is the median household income in Farmington?
The median household income in Farmington, MO is $49,882 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Missouri?
Missouri has a top income tax rate of 4.95%, a sales tax of 4.225%, and an effective property tax rate of 0.93%.