Housing costs in Farmington?
A typical home costs
$257,000, which is 24.0% less expensive than the national average of
$338,100 and 3.8% less expensive than the average New Mexico home, at
$267,100. Renting a two-bedroom unit in Farmington costs
$1,170 per month, which is 14.7% more than the national average of
$1,020 and 22.2% more than the state average of
$910.
Can I afford Farmington?
To live comfortably in Farmington (zip 87402), New Mexico, a minimum annual income of
$49,320 for a family, and
$39,600 for a single person is recommended.
What does A.I. say about Farmington?
The cost of living in 87402 Farmington, NM is relatively low compared to the national average. The median home price in the area is $195,800, which is significantly less than the national median home value of $219,700. Renters can expect to find a one bedroom apartment for an average monthly cost of around $630. Grocery prices are also lower than the US overall at 9% below the national average. Furthermore, utilities are 9% lower than the US average as well. All together, these factors make living in Farmington an affordable option for both renters and homeowners alike.