Farmington, New Mexico Income Statistics
Farmington Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
C
Farmington Below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Farmington | New Mexico Avg | US Average |
|---|---|---|---|
| Median Household Income | $65,085 | $64,523 | $80,455 |
| Median Personal Income | $51,541 | $52,404 | $60,758 |
| Average Yearly Income Growth | 3.0% | 4.4% | 4.8% |
| Six-Figure Earners | 9.8% | 10.2% | 13.9% |
| $200k+ Households | 6.7% | 7.8% | 13.2% |
The median household income in Farmington is about 1% higher than in New Mexico. Income has been growing slower in Farmington (3.0%/yr) than in New Mexico (4.4%/yr).
About 10% of adults in Farmington earn six figures ($100,000 or more) a year, about the same as the New Mexico average of 10%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Farmington, New Mexico grew by 35.2% from 2009 to 2024, reaching $65,085 in 2024. That's an average of about 3.0% per year.
Income Inequality and the Gender Pay Gap in Farmington
| Metric | Farmington | New Mexico Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.567 | 0.567 | 0.552 |
| Male Median Income | $61,569 | $60,037 | $69,667 |
| Female Median Income | $50,315 | $51,390 | $56,850 |
| Gender Pay Gap | 18.3% | 14.4% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Farmington, it is 0.567, about the same as New Mexico's 0.567, so income here is about as evenly distributed as there, and higher than the US's 0.552, so income is less evenly distributed here than there.
Men's income is about 22% more than women's income in Farmington, New Mexico. Over a 35-year career, a 22% wage gap accumulates to roughly $393,890 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Farmington, New Mexico has narrowed from about 35% to 18% in 2024. Over that period the gap was widest at 37% in 2013, and was narrowest at 12% in 2021. In dollar terms, the gap has narrowed by $5,682 since 2009.
Employment
| Metric | Farmington | New Mexico Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.0% | 5.9% | 5.2% |
| Working from Home | 6.3% | 12.2% | 15.0% |
| Commute time (minutes) | 15 | 18 | 22 |
Approximately 668 people are unemployed in Farmington, New Mexico.
The average commute time in Farmington is 15 minutes, shorter than the 18 minutes in New Mexico.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Farmington, New Mexico has fallen from 4.5% to 4.0% in 2024. Over that period the rate peaked at 8.3% in 2022.
Conclusion
Considering all these factors, Farmington, New Mexico has an overall wealth index grade of C, making it somewhat better than New Mexico, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Farmington, New Mexico.
How Rich Is Farmington, New Mexico?
Farmington has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $65,085, about 1% higher than the New Mexico average of $64,523.
How fast is household income rising in Farmington, New Mexico?
Between 2009 and 2024, the median household income in Farmington, New Mexico rose 35%, from $48,130 to $65,085. Over the same years, income here lagged behind New Mexico as a whole: +35% against +50%.
What was the median household income in Farmington in 2023?
In 2023, the median household income in Farmington, New Mexico was $59,362, up 3% from $57,713 in 2022. The New Mexico median that year was $62,406.
What was the median household income in Farmington in 2020?
In 2020, the median household income in Farmington, New Mexico was $54,120. By 2024 it had risen 20% to $65,085.
How strong is the job market in Farmington, New Mexico?
Unemployment in Farmington, New Mexico is only 4.0%, well below the New Mexico rate of 5.9%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Farmington, New Mexico?
The Gini coefficient in Farmington is 0.567. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.552, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Farmington, New Mexico?
Since 2009, the income gap between men and women in Farmington, New Mexico has narrowed from about 35% to 18% in 2024. Over that period the gap was widest at 37% in 2013, and was narrowest at 12% in 2021. In dollar terms, the gap has narrowed by $5,682 since 2009.
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