The typical owner-occupied home in Farmington is worth about $334,600, 41% below the Washington median of $564,600 and about the same as the national median of $332,700. Owners pay a median $1,917 a year in property taxes, about 0.57% of their home's value, lower than the Washington rate of 0.81%. The median household earns $53,750 a year, so the median home costs 6.2 times the median income (5.8 times for Washington). 82% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
Farmington at a glance
| Farmington | Washington | U.S. | |
|---|---|---|---|
| Median home value | $334,600 | $564,600 | $332,700 |
| Median property tax paid per year | $1,917 | $4,556 | $3,119 |
| Property tax as a share of value | 0.57% | 0.81% | 0.94% |
| Median household income | $53,750 | $98,141 | $80,734 |
| Homes lived in by their owners | 82% | 64% | 65% |
| Owner homes with a mortgage | 45% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $1,169 | $2,445 | $1,963 |
| Those costs as a share of the owners' income | 34.2% | 22.2% | 21.0% |
| Median rent | $775 | $1,760 | $1,413 |
| Rent as a share of renters' income | 12.5% | 30.0% | 30.6% |
| Median year homes were built | 1938 | 1985 | 1980 |
| Vacant homes | 22.0% | 7.3% | 10.1% |
| Population | 140 | 7,816,116 | 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 $334,600 with 20% down costs about $2,099 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,656, 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 $89,959 for the 20%-down payment. That payment is 47% of the median Farmington household income of $53,750; at that income and 20% down, the 28% guideline points to a home of about $200,000.
The median rent here is $775 a month, so owning the median home costs about $1,324 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $66,920 |
|---|---|
| Loan amount | $267,680 |
| Principal and interest | $1,801 |
| Property taxes (0.57% a year) | $159 |
| Homeowners insurance (our estimate, 0.5% a year) | $139 |
| PMI | $0 |
| Total per month | $2,099 |
Change the numbers in the calculator
| Down payment | $11,711 |
|---|---|
| Loan amount | $328,540 |
| Principal and interest | $2,210 |
| Property taxes (0.57% a year) | $159 |
| Homeowners insurance (our estimate, 0.5% a year) | $139 |
| FHA mortgage insurance | $148 |
| Total per month | $2,656 |
Change the numbers in the calculator
Questions about home buying in Farmington
What is the median home value in Farmington?
About $334,600 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 $1,917 a year, which is about 0.57% 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 $2,099 a month. Keeping that under 28% of gross income takes about $89,959 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