Farmington, NM

Very Low · 72

New Mexico · Population 46,339 · Updated March 2026

$993
Median Rent / Month
$63,745
Median Income
$225,400
Median Home Value
$1,099
Owner Costs / Month

Affordability

How far your income goes in Farmington

18.7%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New Mexico

State-level tax rates that affect your costs

5.9%
Income Tax (Top Rate)
5.0%
Sales Tax
0.67%
Property Tax Rate

Estimated Annual Costs

$11,916
Annual Rent
$3,761
State Income Tax
$1,510
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 72 (where 100 equals the national median), Farmington residents can expect to pay median rent of $993/month while earning a median household income of $63,745/year.

The median home value in Farmington, NM is $225,400, with typical monthly owner costs around $1,099 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.7% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New Mexico has a moderate income tax rate of 5.9%. Combined with a 5.0% sales tax rate and 0.67% 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, NM?
The cost of living index in Farmington, NM is 72 (US average = 100). Median monthly rent is $993, median household income is $63,745/year, and the median home value is $225,400.
Is Farmington, NM affordable?
Yes, Farmington is more affordable than the national average with a cost index of 72. The rent-to-income ratio is 18.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Farmington, NM?
The median gross rent in Farmington, NM is $993 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,916.
What is the median household income in Farmington?
The median household income in Farmington, NM is $63,745 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New Mexico?
New Mexico has a top income tax rate of 5.9%, a sales tax of 5.0%, and an effective property tax rate of 0.67%.