Farmington, Minnesota is a moderately-sized city with a population of 22,226 inhabitants. According to the most recent Census, 91% of Farmington residents are White, 3% Asian and 1% Black. Farmington has a high percentage of people who are married with children when compared to the rest of the country. In total, more than 85% of the population is classified as married and 40% have kids.
Without the right tools, moving to any new town can be very stressful and challenging. Living in Farmington, Minnesota could be a positive experience for anyone who puts in the time to do the research required. Finding the best places to live in Farmington and nearby areas is a much easier task when you can rely on information and data from the livability score, which includes amenities, crime, cost of living, education, housing and other important metrics.
With a livability score of 79 out of 100, Farmington is ranked #2,271 in the United States and #28 in Minnesota. Pack your bags! This is a very high score in comparison to other US cities. Living in Farmington could be a great choice! Farmington also ranks in the top 10 percent of all cities, which is no small feat! Based on the grades for each individual category, Farmington has been rewarded with high marks for crime (A+), education (A+), employment (B) and housing (B+). On a more negative note, Farmington does not have favorable ranks for the following: cost of living (D) and weather (F). If we take a look at the data, we can find out why.
Feeling a sense of safety in the area that you live in is a must for most people. Low crime rates can have a positive impact on things like home prices, home appreciation rates and the overall sense of community. Farmington has a violent crime rate of 57 crimes per 100,000 residents which is far lower than the national average.
The average school test scores in Farmington are 66%. This far exceeds the national average and ensures that this educational system will provide your children with the skills and the tools they need to thrive.
Based on multiple factors including: median home and rental prices, appreciation rates and home affordability, Farmington has received high marks in the housing category. Based on these calculations, the apartment rental and real estate market appears to be very healthy.
Assuming that Farmington meets all of your requirements, the next most important item to examine is the affordability of real estate in Farmington. Everything else becomes a lot less important if it turns out that home prices in Farmington are simply unattainable. Median real estate prices in Farmington come in at $213,800, which is 11.6% higher than the Minnesota average. The home price to income ratio compares the median home prices to the median household income. In Farmington, the home price to income ratio is 2.5, which is 16.7% lower than the Minnesota average. Knowing if your home will appreciate on a long term or even a short term basis should be factored into your decision making. An increase in your home’s value can be a good way to generate tax-free equity that can create long term financial security. In the past year, appreciation rates for homes in the Farmington area were 6.5% and 5 year appreciation rates were 7%.