Farmington, NM Cost Of Living
Cost Of Living In Farmington, NM 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 New Mexico, 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 99, with 100 being the average.
The cost of living index in Farmington is 1.0x lower than the national average.
Farmington ranks as the #34 cheapest in New Mexico out of 45.
Farmington ranks as the #2,497 cheapest out of 6,489 in the US.
The median home value in Farmington is $270,903.
The median income in Farmington is $63,745.
Table Of Contents
Farmington's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Farmington, NM?
According to the most recent data on the cost of living, Farmington has an overall cost of living index of 99, which is 1.0x lower than the national index of 100.
Compared to New Mexico, Farmington has a cost of living index that's 1.0x higher than New Mexico's index of 95.
The standard of living in Farmington ranks as #34 most affordable out of the 45 places we measured in New Mexico. By definition, that implies Farmington ranks as the #11 most expensive place in the Land of Enchantment.
For more reading on life in Farmington, check out:
In New Mexico
In America
Farmington Cost Of Living Vs. New Mexico
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 98.
The Groceries index in Farmington is 95.
The Health index in Farmington is 94.
The Housing index in Farmington is 102.
The Transportation index in Farmington is 92.
The Utilities index in Farmington is 98.
| Living Expense | Farmington | New Mexico | National Average | |
|---|---|---|---|---|
| Overall | 99 | 95 | 100 | |
| Services | 98 | 96 | 100 | |
| Groceries | 95 | 96 | 100 | |
| Health | 94 | 95 | 100 | |
| Housing | 102 | 87 | 100 | |
| Transportation | 92 | 93 | 100 | |
| Utilities | 98 | 89 | 100 | |
Farmington, NM Housing Cost Breakdown
Housing swings affordability the most between places in New Mexico, 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 $270,903.
The Median Rent in Farmington is $993.
The Median Income in Farmington is $63,745.
The Home Value To Income in Farmington is 4.2x.
The Rent To Monthly Income in Farmington is 0.19x.
| Statistic | Farmington | New Mexico | United States |
|---|---|---|---|
| Median Home Value | $270,903 | $311,815 | $303,400 |
| Median Rent | $993 | $1,021 | $1,348 |
| Median Income | $63,745 | $62,125 | $78,538 |
| Home Value To Income | 4.2x | 5.0x | 3.9x |
| Rent To Monthly Income | 0.19x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Farmington, NM Costs By Category
Detailed Farmington Services Costs Vs. New Mexico
| Item | Farmington | New Mexico |
|---|---|---|
| Shampoo | $1.15 | $1.28 |
| Movie | $12.54 | $12.13 |
| Bowling | $20.89 | $18 |
| Haircut | $31.9 | $24.26 |
| Beauty Salon | $50.83 | $45.56 |
Detailed Farmington Groceries Costs Vs. New Mexico
| Item | Farmington | New Mexico |
|---|---|---|
| Ground Beef | $5.11 | $5.84 |
| Fried Chicken | $1.32 | $1.57 |
| Milk | $4.63 | $4.67 |
| Potatoes | $4.18 | $4.93 |
| Pizza | $13.42 | $12.09 |
| Beer | $11.07 | $10.41 |
| Toothpaste | $3.62 | $3.7 |
Detailed Farmington Health Costs Vs. New Mexico
| Item | Farmington | New Mexico |
|---|---|---|
| Optometrist | $136.89 | $125.68 |
| Doctor | $134.17 | $135.78 |
| Dentist | $111.42 | $113.29 |
Detailed Farmington Transportation Costs Vs. New Mexico
| Item | Farmington | New Mexico |
|---|---|---|
| Gasoline | $3.5 | $3.46 |
| Tire Balancing | $43.87 | $59.92 |
Detailed Farmington Utilities Costs Vs. New Mexico
| Item | Farmington | New Mexico |
|---|---|---|
| All Electricity | $191.24 | $193.99 |
| Phone | $190.51 | $192.25 |
Farmington SnackAbility
/10
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:
Bloomfield, NM has a cost of living index of 93, 0.9x Farmington.
Aztec, NM has a cost of living index of 96, 1.0x Farmington.
| City | Population | Cost Of Living | Vs. Farmington |
|---|---|---|---|
| Bloomfield, NM | 7,391 | 93 | 0.9x |
| Aztec, NM | 6,177 | 96 | 1.0x |
