Quick facts: Farmington, NM

Quick Facts

96.1
Cost of Living
below US average
46,127
Population
34.64
Crime Rate per 1000
above US average
$61,388
Median Income
below US average
$270,000
Median House Price
above US average
$1725.0
Average Rent
above US average
10%
Poverty Rate
below US average
5.2%
Unemployment Rate
above 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 $61,388.

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Income Needed to Buy

βœ— Stretch
$85k/year
Based on $270,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $85k vs median $61,388
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Income Needed to Rent

⚠ Stretch
$74k/year
Based on $1725.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $74k vs median $61,388
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Farmington, NM

Farmington, New Mexico, is a vibrant city located in the Four Corners region, where New Mexico, Arizona, Colorado, and Utah meet. Known for its rich Native American heritage, Farmington serves as a gateway to the Navajo Nation and offers a unique blend of cultural experiences. The city's population is around 45,000, making it one of the larger cities in northern New Mexico. Farmington boasts a diverse economy focused on energy production, agriculture, and retail. It has numerous parks and outdoor recreational areas, such as the Animas River and nearby hiking trails, making it popular for outdoor enthusiasts. The city's climate features hot summers and mild winters, ideal for various activities year-round. Cultural highlights include the Farmington Museum, which showcases local history and art, and the annual San Juan County Fair, celebrating community spirit. With various dining, shopping, and entertainment options, Farmington provides a unique blend of small-town charm and modern amenities, making it an attractive place to live and visit.

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