Cost of Living in Farmington, NM
Housing
The housing market plays a significant role in determining the cost of living in Farmington, NM.
- Housing Index: 93.8 / 100
- Median Home Price is: $234,000
- Average Rent (2 BR Apartment): $1104 per month
- Average Rent (2 BR House): $1200 per month
When considering a move to Farmington, NM, the housing index of 93.8 indicates a relatively affordable market. With a median home price of 234000, purchasing a home may present better long-term value compared to renting. The average rent for a 2-bedroom apartment is approximately 1104, while renting a house averages 1200. Given the current economic climate, expenses in your new location may be manageable, allowing for a more comfortable lifestyle. Investigate local amenities and the community for an informed decision, as this balance impacts your overall satisfaction.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Farmington, NM.
- Electricity Price: $14.44 USD (median by state)
- Natural Gas Price: Data is updating (median by state)
- Other Utilities (water, garbage, etc.): $212 per month
Living in Farmington, NM could entail higher utility costs. Electricity costs sit at $14.44, while natural gas is priced at data unavailable per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $212 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.