Rents are 8% below what Farmington's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,304 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: August 17, 2026
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Who lives here
Farmington, NM is majority owner-occupied, has a large share of families with children, 26.2% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Farmington, NM has changed in 5 years
Compared with 2023, rent in Farmington, NM has climbed by $263 per month, settling near $1,304 after starting the period at $1,041. Median household income grew from $56,045 to $68,784 between 2021 and 2024, a 22.7% shift. About 33.8% of households rent today, against 36.2% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 19.8% to 26.2%. Taken together, the five-year picture in Farmington, NM reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.
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Can you afford rent in Farmington on your salary?
At $1,304/mo, how Farmington rent compares to typical pay (30% rule).
Farmington rent by bedroom count
Median rent for each apartment size in Farmington. Click any size for full breakdown.
Tips for renters in Farmington
Last updated: August 17, 2026
The median rent in Farmington is $1,304/mo as of August 2026. A studio apartment averages $890/mo while a 2-bedroom runs $1,100/mo. One-bedroom apartments average $910/mo and 3-bedroom units go for $1,540/mo.
At 23% of local median household income ($68,784/yr), Farmington ranks as affordable compared to the national benchmark of 30%. Rents have decreased 1.2% over the past year.
Frequently asked questions
Is Farmington an affordable city for renters?
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Is rent going up or down in Farmington?
How does Farmington rent compare to other cities in New Mexico?
What percentage of Farmington residents rent vs. own?
How does Farmington rent compare to the national average?
At $1,304/mo, rent takes ~23% of Farmington's median household income ($68,784/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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