How much rent can you afford in Farmington, NM?
Run your salary against Farmington's current rent, or find the income you'd need for a target rent. Powered by live RentDataNow medians.
The 30% rent rule, in Farmington
At a median rent of $1,341/mo, Farmington is very affordable when measured against Farmington median household income of $68,784/yr. Rent would consume roughly 23% of pre-tax income, and a salary of about $53,640 keeps rent at the recommended 30% threshold.
How Farmington compares nearby
Median rent for the closest cities with data.
Frequently asked
How much rent can I afford in Farmington?
On a $68,784 salary (the Farmington median household income), the recommended ceiling is 30% of pre-tax income, or about $1,720/mo. Farmington's median rent is $1,341/mo. Use the calculator on this page to run your own salary.
What salary do I need to live in Farmington?
To keep Farmington's $1,341/mo median rent under 30% of income, you'd need about $53,640/yr. Lower your target share (e.g. 25%) to need more, or raise it (e.g. 40%) to need less.
Is Farmington affordable on the median New Mexico income?
Farmington is very affordable on a $68,784 income. Rent would take 23% of pre-tax pay, inside the recommended 30% threshold.
What's the 30% rent rule?
The 30% rule is a long-standing budgeting guideline that keeps rent at or below 30% of gross (pre-tax) income. It leaves enough room for utilities, transit, savings, and debt service. In high-cost markets, many renters exceed 30%, and the Census Bureau classifies households paying more than 30% of income on rent as "cost-burdened".