The typical owner-occupied home in Farmington is worth about $304,800, 62% above the Arkansas median of $188,000 and 8% below the national median of $332,700. Owners pay a median $1,538 a year in property taxes, about 0.50% of their home's value, lower than the Arkansas rate of 0.55%. The median household earns $90,469 a year, so the median home costs 3.4 times the median income (3.1 times for Arkansas). 72% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Farmington at a glance
| Farmington | Arkansas | U.S. | |
|---|---|---|---|
| Median home value | $304,800 | $188,000 | $332,700 |
| Median property tax paid per year | $1,538 | $1,040 | $3,119 |
| Property tax as a share of value | 0.50% | 0.55% | 0.94% |
| Median household income | $90,469 | $60,773 | $80,734 |
| Homes lived in by their owners | 72% | 66% | 65% |
| Owner homes with a mortgage | 68% | 53% | 61% |
| Median monthly costs, owners with a mortgage | $1,563 | $1,345 | $1,963 |
| Those costs as a share of the owners' income | 21.0% | 18.5% | 21.0% |
| Median rent | $1,321 | $947 | $1,413 |
| Rent as a share of renters' income | 26.7% | 27.6% | 30.6% |
| Median year homes were built | 2001 | 1987 | 1980 |
| Vacant homes | 1.5% | 13.5% | 10.1% |
| Population | 9,094 | 3,049,391 | 334,922,499 |
What a typical home costs per month in Farmington
At this week's average 30-year rate of 7.11%, buying the median Farmington home of $304,800 with 20% down costs about $1,894 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,402, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $81,186 for the 20%-down payment. That payment is 25% of the median Farmington household income of $90,469; at that income and 20% down, the 28% guideline points to a home of about $340,000.
The median rent here is $1,321 a month, so owning the median home costs about $573 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $60,960 |
|---|---|
| Loan amount | $243,840 |
| Principal and interest | $1,640 |
| Property taxes (0.50% a year) | $127 |
| Homeowners insurance (our estimate, 0.5% a year) | $127 |
| PMI | $0 |
| Total per month | $1,894 |
Change the numbers in the calculator
| Down payment | $10,668 |
|---|---|
| Loan amount | $299,279 |
| Principal and interest | $2,013 |
| Property taxes (0.50% a year) | $127 |
| Homeowners insurance (our estimate, 0.5% a year) | $127 |
| FHA mortgage insurance | $135 |
| Total per month | $2,402 |
Change the numbers in the calculator
Questions about home buying in Farmington
What is the median home value in Farmington?
About $304,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Farmington?
Homeowners pay a median $1,538 a year, which is about 0.50% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Farmington?
For the median home with 20% down at 7.11%, the payment is about $1,894 a month. Keeping that under 28% of gross income takes about $81,186 a year.
More about Farmington
- Mortgage Refinance in Farmington
- Debt Relief in Farmington
- Home Equity Loans in Farmington
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data