| Index | Farmington | Minnesota | National |
| Cost of living | 113 | 100 | 100 |
| Groceries | 102 | 100 | 100 |
| Health care | 99 | 100 | 100 |
| Housing | 142 | 100 | 100 |
| Transportation | 98 | 100 | 100 |
| Utilities | 102 | 104 | 100 |
| Lifestyle & Entertainment | 95 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 103 | 99 | 100 |
The cost of living in Farmington affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Farmington is 113, which is 13% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Housing costs are a major factor in the Farmington cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 42.4% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Is Farmington an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Farmington is 45.3% higher than the national average, while the average monthly rent prices are 35.6% higher than average. The affordability of any location can also be influenced by median income levels. Farmington has a median household income of $142,868, which is 75.7% higher than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Farmington, the utilities index registers at 2.3% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday household expenses, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Farmington, the standard sales tax rate starts at 6.875%, and the income tax rates commence at 5.35%.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Farmington, the groceries index is 1.5% higher than the national average.
The Farmington cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
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| Groceries index | |
| Health care index | |
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| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $149,764 | $12,480 | $3,494 | $4,493 |
| Renters | $74,153 | $6,179 | $1,730 | $2,225 |
| State | General Sales Tax | With Max Surtax |
| Minnesota | 6.875% | 7.875% |
| State | Income Tax (Low) | Income Tax (High) |
| Minnesota | 5.35% | 9.85% |
| City | Population | Cost of Living Index | National Avg. |
| New Trier, MN | 87 | 98 | 1.9% |
| Cannon Falls, MN | 4,154 | 101 | 0.7% |
| St. Paul Park, MN | 5,562 | 101 | 1.2% |
| Coates, MN | 145 | 101 | 1.5% |
| Northfield, MN | 21,004 | 105 | 4.8% |
| Farmington, MN | 23,819 | 113 | 12.6% |
| City | Population | Cost of Living Index | National Avg. |
| Rock Springs, WY | 23,823 | 103 | 3.2% |
| Oakdale, CA | 23,805 | 133 | 32.9% |
| Auburn, ME | 23,804 | 101 | 0.5% |
| Fort Hood, TX | 23,849 | 107 | 7.4% |
| Oxford, OH | 23,787 | 99 | 1.4% |
| Farmington, MN | 23,819 | 113 | 12.6% |
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