Cost of Living in Farmington, AR
Housing
The housing market plays a significant role in determining the cost of living in Farmington, AR.
- Housing Index: 86.4 / 100
- Median Home Price is: $251,000
- Average Rent (2 BR Apartment): $1618 per month
- Average Rent (2 BR House): $1758 per month
In analyzing the real estate market in Farmington, AR, the current data indicates a housing index of 86.4, suggesting affordability as the focus shifts to homeownership rather than rentals. With a median home price of 251000, potential buyers may find an advantageous opportunity, especially if market conditions favor low interest rates and rising equity. However, with average rent for a 2BR apartment or house at 1618 and 1758 respectively showing zero, it's essential to consider the broader rental landscape as well. Overall, Farmington seems promising for prospective buyers.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Farmington, AR.
- Electricity Price: $12.36 USD (median by state)
- Natural Gas Price: $17.08 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $208 per month
Living in Farmington, AR could entail higher utility costs. Electricity costs sit at $12.36, while natural gas is priced at $17.08 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $208 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Farmington is a financially viable option for your relocation.