Farmington, New Mexico Housing Market Prices
Farmington Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 24% below the New Mexico median$155,103
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Median rent 3% below the New Mexico median$1,033
Housing Market Overview
| Metric | Farmington | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $155,103 | $204,122 | $248,835 |
| Price Trend (Annual %) | 4.2% | 3.1% | 7.5% |
| Median Gross Rent | $1,033 | $1,067 | $1,407 |
| Rent Trend (Annual %) | 3.3% | 3.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Farmington is about 24% lower than in New Mexico. Rent is about 3% lower than the New Mexico average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Farmington, up about 4.2% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Farmington rose about 34.5% between 2015 and 2024, from $768 to $1,033. Over the same span, rent in New Mexico rose about 37.3%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Farmington.
Buying the median-priced home in Farmington costs roughly 12.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Farmington. The price-to-rent ratio in New Mexico is about 15.9.
| Metric | Farmington | New Mexico Avg | US Average |
|---|---|---|---|
| Median Home Price | $155,103 | $204,122 | $248,835 |
| Median Household Income | $65,085 | $64,523 | $80,455 |
| Price-to-Income Ratio | 2.4 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Farmington rose about 19.1%, while median household income rose about 27.7% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Farmington | New Mexico Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.2% | 61.3% | 58.5% |
| Rental Rate | 33.3% | 26.2% | 31.2% |
| Vacancy Rate | 8.5% | 12.5% | 10.2% |
| Median Tenure (years) | 13.0 | 16.0 | 15.0 |
| Median Year Moved In | 2013 | 2010 | 2011 |
Farmington has a homeownership rate of 58.2%, lower than the New Mexico average of 61.3%. Its housing vacancy rate is 8.5%, compared with 12.5% in New Mexico.
Housing Stock
| Metric | Farmington | New Mexico Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1982 | 1983 | 1978 |
| Median Number of Rooms | 5.2 | 5.3 | 5.5 |
The typical housing unit in Farmington was built around 1982. On average, 2.6 people live in a home with about 5.2 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Farmington, New Mexico.
What is the median home price in Farmington, New Mexico?
The median home price in Farmington, New Mexico is $155,103, lower than the New Mexico average of $204,122.
What is the average home price in Farmington, New Mexico?
The typical home price in Farmington, New Mexico, reported as the median sale price, is $155,103. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Farmington, New Mexico?
The median gross rent in Farmington, New Mexico is $1,033 per month, lower than the New Mexico average of $1,067.
What was the median gross rent in Farmington in 2020?
In 2020, the median gross rent in Farmington, New Mexico was $861 per month.
What is the price-to-rent ratio in Farmington, New Mexico?
The price-to-rent ratio in Farmington, New Mexico is about 12.5, meaning it would take roughly 12.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Farmington.
Are home prices or rent rising faster in Farmington, New Mexico?
Both home prices and rent are rising in Farmington, up about 4.2% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Farmington, New Mexico?
58.2% of households in Farmington, New Mexico own their home, lower than the New Mexico average of 61.3%.
What is the vacancy rate in Farmington, New Mexico?
The housing vacancy rate in Farmington, New Mexico is 8.5%, lower than the New Mexico average of 12.5%.
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