Farmington, MI Cost Of Living
Cost Of Living In Farmington, MI Summary
Cost of living in Farmington research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Farmington is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Michigan, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Farmington is 108, with 100 being the average.
The cost of living index in Farmington is 1.1x higher than the national average.
Farmington ranks as the #157 cheapest in Michigan out of 180.
Farmington ranks as the #3,467 cheapest out of 6,489 in the US.
The median home value in Farmington is $320,479.
The median income in Farmington is $94,115.
Table Of Contents
Farmington's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Farmington, MI?
According to the most recent data on the cost of living, Farmington has an overall cost of living index of 108, which is 1.1x higher than the national index of 100.
Compared to Michigan, Farmington has a cost of living index that's 1.2x higher than Michigan's index of 90.
The standard of living in Farmington ranks as #157 most affordable out of the 180 places we measured in Michigan. By definition, that implies Farmington ranks as the #23 most expensive place in the Wolverine State.
For more reading on life in Farmington, check out:
In Michigan
In America
Farmington Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Farmington. Here is how it fairs on each of the criteria:
The Services index in Farmington is 103.
The Groceries index in Farmington is 101.
The Health index in Farmington is 100.
The Housing index in Farmington is 119.
The Transportation index in Farmington is 102.
The Utilities index in Farmington is 92.
| Living Expense | Farmington | Michigan | National Average | |
|---|---|---|---|---|
| Overall | 108 | 90 | 100 | |
| Services | 103 | 93 | 100 | |
| Groceries | 101 | 97 | 100 | |
| Health | 100 | 91 | 100 | |
| Housing | 119 | 72 | 100 | |
| Transportation | 102 | 96 | 100 | |
| Utilities | 92 | 99 | 100 | |
Farmington, MI Housing Cost Breakdown
Housing swings affordability the most between places in Michigan, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Farmington is $320,479.
The Median Rent in Farmington is $1,299.
The Median Income in Farmington is $94,115.
The Home Value To Income in Farmington is 3.4x.
The Rent To Monthly Income in Farmington is 0.17x.
| Statistic | Farmington | Michigan | United States |
|---|---|---|---|
| Median Home Value | $320,479 | $258,642 | $303,400 |
| Median Rent | $1,299 | $1,084 | $1,348 |
| Median Income | $94,115 | $71,149 | $78,538 |
| Home Value To Income | 3.4x | 3.6x | 3.9x |
| Rent To Monthly Income | 0.17x | 0.18x | 0.21x |
Median Home Value
Median Rent
Median Income
Farmington, MI Costs By Category
Detailed Farmington Services Costs Vs. Michigan
| Item | Farmington | Michigan |
|---|---|---|
| Shampoo | $1.13 | $1.28 |
| Movie | $12.99 | $12.13 |
| Bowling | $12.33 | $18 |
| Haircut | $16.8 | $24.26 |
| Beauty Salon | $24.78 | $45.56 |
Detailed Farmington Groceries Costs Vs. Michigan
| Item | Farmington | Michigan |
|---|---|---|
| Ground Beef | $5.75 | $5.84 |
| Fried Chicken | $1.41 | $1.57 |
| Milk | $4.78 | $4.67 |
| Potatoes | $4.8 | $4.93 |
| Pizza | $8.99 | $12.09 |
| Beer | $9.04 | $10.41 |
| Toothpaste | $3.66 | $3.7 |
Detailed Farmington Health Costs Vs. Michigan
| Item | Farmington | Michigan |
|---|---|---|
| Optometrist | $85.0 | $125.68 |
| Doctor | $103.33 | $135.78 |
| Dentist | $91.0 | $113.29 |
Detailed Farmington Transportation Costs Vs. Michigan
| Item | Farmington | Michigan |
|---|---|---|
| Gasoline | $3.35 | $3.46 |
| Tire Balancing | $56.0 | $59.92 |
Detailed Farmington Utilities Costs Vs. Michigan
| Item | Farmington | Michigan |
|---|---|---|
| All Electricity | $219.2 | $193.99 |
| Phone | $184.44 | $192.25 |
Farmington SnackAbility
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Cost Of Living In Cities Around Farmington
The cost of living varies in the cities and towns around Farmington. Here's a quick look at the cost of living in the most populous nearby places:
Livonia, MI has a cost of living index of 104, 1.0x Farmington.
Troy, MI has a cost of living index of 120, 1.1x Farmington.
Farmington Hills, MI has a cost of living index of 114, 1.1x Farmington.
| City | Population | Cost Of Living | Vs. Farmington |
|---|---|---|---|
| Livonia, MI | 94,058 | 104 | 1.0x |
| Troy, MI | 87,307 | 120 | 1.1x |
| Farmington Hills, MI | 83,316 | 114 | 1.1x |
| Rochester Hills, MI | 76,086 | 118 | 1.1x |
| Southfield, MI | 76,025 | 101 | 0.9x |
| Novi, MI | 66,224 | 118 | 1.1x |
| Royal Oak, MI | 57,880 | 107 | 1.0x |
| Birmingham, MI | 21,612 | 149 | 1.4x |
| Berkley, MI | 15,084 | 108 | 1.0x |
| Clawson, MI | 11,314 | 99 | 0.9x |
