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City Report · NM

Farmington

Pop. 46,314·13th most expensive in New Mexico·One of the most affordable rental markets in the US
Median rent (all units)
$1,341/mo
Year-over-Year
+1.5%
Month-over-Month
-0.1%
vs US Median
-$624
Stable (Monthly)
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Most AffordableMost Expensive
Farmington · $1,341
More affordable than 85% of US cities · National median $1,965/mo
Rent Reality Score
58/100
Fairly priced
OverheatedFairGreat value

Rents are 4% below what Farmington's 10-year trend predicts — a better deal than its own history suggests.

Actual rent
$1,341/mo
Expected by trend
$1,399/mo
The Rent Reality Score compares today's median rent to where Farmington's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$890
1 BR
$910
2 BR
$1,100
3 BR
$1,540
4 BR+
$1,670
Research median
$1,100/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$16,092/yr
At $1,341/mo median
Rent Market Meter
Balanced Market
Renter's MarketBalancedLandlord's Market
Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.
Based on rent-price momentum (+1.5% YoY, -0.1% MoM), not inventory.
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Demographics

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.

Population
46,314
Median income
$68,784
Median age
38.7
Renters
33.8%
Age distribution
26.4%
18.6%
28.1%
16.6%
Under 1826.4%
18–3418.6%
35–5428.1%
55–6410.4%
65+16.6%
Gender
48.4%
51.6%
Male48.4%
Female51.6%
Race & ethnicity
48.8%
24.1%
25.4%
White48.8%
Black0.7%
Hispanic24.1%
Asian0.9%
Other25.4%
Education (25+)
25%
40.4%
26.2%
No HS diploma8.4%
HS diploma25%
Some college40.4%
Bachelor's+26.2%
Housing tenure
66.2%
33.8%
Owner66.2%
Renter33.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2023 vs 2026

How Farmington, NM has changed in 5 years

Rent
$1,041 → $1,341
up 28.8%
Income
$56,045 → $68,784
up 22.7%
Population
46,696 → 46,314
down 0.8%
Renter share
36.2% → 33.8%
-2.4 pts
Bachelor's+
19.8% → 26.2%
+6.4 pts
Median age
34.7 → 38.7
+4.0 yrs

Compared with 2023, rent in Farmington, NM has climbed by $300 per month, settling near $1,341 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. Rent outpaced income growth by roughly 6.1 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. 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.

Community

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View Farmington rent history (2015–2026) →
Salary vs rent

Can you afford rent in Farmington on your salary?

At $1,341/mo, how Farmington rent compares to typical pay (30% rule).

By apartment size

Farmington rent by bedroom count

Median rent for each apartment size in Farmington. Click any size for full breakdown.

Local insights

Tips for renters in Farmington

About renting in Farmington, NM

Last updated: July 20, 2026

The median rent in Farmington is $1,341/mo as of July 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 increased 1.5% over the past year.

FAQ

Frequently asked questions

Is Farmington an affordable city for renters?

Farmington is considered very affordable for renters. At $1,341/mo, rent takes approximately 23% of the local median household income ($68,784/yr). The standard benchmark is 30%. Farmington falls comfortably within that range.

How much income do you need to rent in Farmington?

To keep rent at or below 30% of gross income, you would need to earn at least $54,000/year (~$26/hour full-time) to afford the median rent of $1,341/mo in Farmington. The local median household income is $68,784/yr, meaning the typical Farmington household meets that threshold.

Is rent going up or down in Farmington?

Rent in Farmington has increased 1.5% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Farmington rent compare to other cities in New Mexico?

Farmington is one of the more affordable cities in New Mexico for rent, ranking #13 out of 15 tracked cities at $1,341/mo.

What percentage of Farmington residents rent vs. own?

According to Census data, approximately 33.8% of Farmington households are renters, while 66.2% are owner-occupied. Farmington leans toward homeownership, which can mean a smaller rental inventory.

How does Farmington rent compare to the national average?

Farmington's median rent of $1,341/mo is $624 (32%) below the US national median of $1,965/mo. Within New Mexico, it ranks #13 out of 15 tracked cities.
Income Affordability
23%
VERY AFFORDABLE

At $1,341/mo, rent takes ~23% of Farmington's median household income ($68,784/yr). The standard benchmark is 30%.

Farmington 23%Benchmark 30%
State income tax1.7–5.9%
Run the Farmington affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Farmington, NM

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