Cost of Living in Farmington, NM
Population: 46,339 • 2026 Data
$63,745
Median Household Income
-18% vs national
$993
Median Monthly Rent
-26% vs national
$225,400
Median Home Value
-34% vs national
5.7%
Unemployment Rate
Housing in Farmington
The median home value in Farmington, NM is $225,400. Monthly rent for a typical unit averages $993, while total monthly housing costs (including utilities and insurance) average $1,099.
Rent-to-income ratio: 18.7%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Farmington, NM is $63,745. The unemployment rate stands at 5.7%, with a labor force of 19,811 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.