Quick facts: Farmington, MN

Quick Facts

102.8
Cost of Living
above US average
23,566
Population
6.7
Crime Rate per 1000
below US average
$114,737
Median Income
above US average
$455,000
Median House Price
above US average
$2287.25
Average Rent
above US average
5%
Poverty Rate
below US average
3.2%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $114,737.

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Income Needed to Buy

βœ— Stretch
$143k/year
Based on $455,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $143k vs median $114,737
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Income Needed to Rent

βœ“ Affordable
$98k/year
Based on $2287.25/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($114,737) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Farmington, MN

Farmington, Minnesota, located in Dakota County, is a charming suburban city situated approximately 30 miles south of Minneapolis. With a population of around 23,000, it offers a blend of small-town charm and modern living. The city is known for its family-friendly atmosphere, excellent schools, and community-oriented events. Farmington boasts numerous parks and outdoor recreational opportunities, including the popular Rambling River Park, which features walking trails, sports fields, and picnic areas. The city's commitment to preserving green spaces and fostering an active lifestyle is evident in its well-maintained park system. The downtown area features local businesses, shops, and restaurants, contributing to the city’s vibrant community feel. The annual Farmington Summer Concert Series and the Dakota County Fair are just a few of the local events that bring residents together. Farmington is also well-connected by major highways, making it convenient for commuters to access the Twin Cities' job market while enjoying a quieter suburban lifestyle. Overall, Farmington combines the best of both worlds: a close-knit community with access to urban amenities.

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