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Cost of Living in Farmington

Is it better to rent or buy in Farmington? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$57,466
$980/mo

Median in area: $980

$186,334

Median in area: $186,334

$37,267

If you Rent

🔑
$1,151 /mo
Base Rent$980
Est. Utilities$171
% of Income24.0%
Pre-tax Residual$3,638

If you Buy

🏠
$1,312 /mo
P&I (6.5%)$942
Taxes & Ins$199
Est. Utilities$171
% of Income27.4%
Pre-tax Residual$3,477

Cost of Living FAQs

Is it cheaper to rent or buy in Farmington?›

Based on median housing data, renting is currently more affordable on a monthly basis in Farmington. The estimated all-in monthly cost for renting is $1,151, while owning a median-priced home with a 20% down payment is roughly $1,312 per month (a difference of $161).

How much do utilities cost in Farmington?›

The average monthly utility cost (electricity and natural gas) for a typical home in Farmington is approximately $171. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Farmington?›

To comfortably afford the median rent and utilities in Farmington without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $46,040 per year.