A
2%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
0%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Farmington New Mexico National
Cost of living9893100
Goods & Services10097100
Groceries9797100
Health care9697100
Housing10086100
Transportation9395100
Utilities9990100

An Overview of Cost of Living in Farmington, NM

Knowing the cost of living in Farmington allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Farmington stands at 98, marking it 2% lower than the national average.

The cost of living in Farmington aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Farmington residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

What Do Locals Say About the Cost of Living in Farmington?

Locals have the inside scoop on their city. So, we polled 5 residents in Farmington to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 40% find it reasonable with decreasing prices, but 60% think it's quite pricey, with prices that continue to rise.

Is Farmington Affordable?

Is Farmington an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Farmington, the median home price is 2.1% higher than what most folks pay across the country, and monthly rent prices are 6% lower than the usual rates. Income levels in Farmington come in at $56,576, which is 2.3% higher than the national average.

What Factors can Influence the Cost of Living in Farmington?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Farmington, the utilities index registers 1.1% lower than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Farmington, the groceries index is 2.6% lower than the national average.

Where is the Data From?

The Farmington cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

New Real Estate Listings in Farmington Area
Search Homes for Sale in Farmington, NM

Cost Of Living Quick Facts

  • The cost of living in Farmington is 6% higher than the New Mexico average
  • The cost of living in Farmington is 2% lower than the national average
  • Farmington housing is equal to the national average
  • New Mexico general sales tax is 2% lower than the national average
  • New Mexico state income tax is 25% lower than the national average

Most Affordable Places to Live in and Around Farmington

See all the best places to live around Farmington

Compare Farmington, NM Cost of Living

      vs
      How would you rate the cost of living in Farmington?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Farmington?
      Write a review to give others more information about this area.
      See all Farmington poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$68,208$5,684$1,591$2,046
      Renters$36,881$3,073$860$1,107
      To approximate the cost of living and the housing affordability in Farmington, NM, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Farmington have a median income of $68,208. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,591 per month to avoid calamity and poverty. The renters in the city have an income of about $36,881, which would make their monthly maximum allowable rental costs $860.

      New Mexico Sales Tax

      State General Sales Tax With Max Surtax
      New Mexico 5% 8.688%

      New Mexico Income Tax

      State Income Tax (Low) Income Tax (High)
      New Mexico 1.7% 5.9%

      Goods & Services

      Item Farmington National avg. Difference
      Haircut $31.90$24.2631.5%
      Beauty Salon $50.83$45.5611.6%
      Toothpaste $3.62$3.702.3%
      Shampoo $1.15$1.2810.5%
      Movie $12.54$12.133.3%
      Bowling $20.89$18.0016.1%

      Groceries

      Item Farmington National avg. Difference
      Ground Beef $5.11$5.8412.5%
      Fried Chicken $1.32$1.5716.1%
      Milk $4.63$4.671.0%
      Potatoes $4.18$4.9315.3%
      Pizza $13.42$12.0911.0%
      Beer $11.07$10.416.4%

      Health Care

      Item Farmington National avg. Difference
      Optometrist $136.89$125.688.9%
      Doctor $134.17$135.781.2%
      Dentist $111.42$113.291.7%
      Ibuprofen $10.43$10.652.1%
      Lipitor $380.06$468.6018.9%

      Housing

      Item Farmington National avg. Difference
      Home Price $188,500.00$184,700.002.1%
      Avg. Mortgage Payment $1,905.97$2,346.6918.8%
      Apartment Rent $892.00$949.006.0%

      Transportation

      Item Farmington National avg. Difference
      Gasoline $3.50$3.461.1%
      Tire Balancing $43.87$59.9226.8%

      Utilities

      Item Farmington National avg. Difference
      All Electricity $191.24$193.991.4%
      Phone $190.51$192.250.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Napi Headquarters, NM7177821.6%
      Nenahnezad, NM4708020.0%
      Upper Fruitland, NM1,6018118.7%
      Bloomfield, NM7,791927.8%
      La Plata, NM2,078954.5%
      Farmington, NM44,967981.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Oakland Park, FL44,95011212.0%
      Danville, CA44,933238137.9%
      Attleboro, MA45,02312222.4%
      Winter Garden, FL44,88811717.0%
      Plainfield, IL44,85712424.2%
      Farmington, NM44,967981.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.