The typical owner-occupied home in Farmington is worth about $86,800, 58% below the Kentucky median of $205,600 and 74% below the national median of $332,700. The median household earns $33,636 a year, so the median home costs 2.6 times the median income (3.2 times for Kentucky). 64% of occupied homes here are lived in by their owners, and 40% of those owners still have a mortgage.
Farmington at a glance
| Farmington | Kentucky | U.S. | |
|---|---|---|---|
| Median home value | $86,800 | $205,600 | $332,700 |
| Median property tax paid per year | – | $1,544 | $3,119 |
| Median household income | $33,636 | $63,726 | $80,734 |
| Homes lived in by their owners | 64% | 68% | 65% |
| Owner homes with a mortgage | 40% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,198 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 36.8% | 18.8% | 21.0% |
| Median rent | $734 | $967 | $1,413 |
| Rent as a share of renters' income | 32.1% | 28.1% | 30.6% |
| Median year homes were built | 1959 | 1982 | 1980 |
| Vacant homes | 0.0% | 10.3% | 10.1% |
| Population | 245 | 4,534,824 | 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 $86,800 with 20% down costs about $583 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $727, 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 $24,980 for the 20%-down payment. That payment is 21% of the median Farmington household income of $33,636; at that income and 20% down, the 28% guideline points to a home of about $117,000.
The median rent here is $734 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $17,360 |
|---|---|
| Loan amount | $69,440 |
| Principal and interest | $467 |
| Property taxes (1.10% a year) | $80 |
| Homeowners insurance (our estimate, 0.5% a year) | $36 |
| PMI | $0 |
| Total per month | $583 |
Change the numbers in the calculator
| Down payment | $3,038 |
|---|---|
| Loan amount | $85,228 |
| Principal and interest | $573 |
| Property taxes (1.10% a year) | $80 |
| Homeowners insurance (our estimate, 0.5% a year) | $36 |
| FHA mortgage insurance | $38 |
| Total per month | $727 |
Change the numbers in the calculator
Questions about home buying in Farmington
What is the median home value in Farmington?
About $86,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
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 $583 a month. Keeping that under 28% of gross income takes about $24,980 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