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Farmington

Learn about the people, housing, costs and businesses in Farmington, Arkansas

Median Home$310,938
Median Rent$1,358/month
Population7,808
Leading IndustriesTransportation · Wholesale Trade · Public Administration4% transportation
Home Value Growth⬆⬆+17.7% over 2 years
Young Adults33% of residentswell above average
Homeowners74% of occupied units
NotableHighly Educated23% hold a bachelor's degree · top 23% nationally
NotableHigh Incomes$90k/year · top 25% nationally
Farmington
AR

Frequently Asked Questions

What are today's mortgage rates in Farmington?

As of today, the 30-year fixed mortgage rate for Farmington is approximately 6.910% (6.947% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in Farmington?

The median home value in Farmington is $311k. The median monthly rent is $1,358. Annual property taxes average $2k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Farmington?

Home values in Farmington have increased 17.7% over the past two years. This indicates a strong appreciation trend. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in Farmington?

Based on a typical all-in ownership cost of $1,318/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $56k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Farmington is $90k/year.

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What industries drive the economy in Farmington?

The largest employment sectors in Farmington are public administration (26%) and wholesale trade (10%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.