Cost of Living in Farmington, NM
Farmington, NM — prices, rents and what jobs really pay here after taxes.
Salary comparison calculator
What would you need to earn in Farmington, NM to keep the same lifestyle — after taxes — as in another city?
How expensive is Farmington, NM?
With a price level of 87.7 (U.S. average = 100), Farmington, NM is one of the most affordable places in the country. In detail, housing costs are 43% below average; everyday goods are 4% below average; utilities are 22% below average; other services such as healthcare and dining cost about the same as the national average. The biggest difference from the national average is in housing.
Prices in Farmington, NM vs. the U.S. average
| Category | Index (U.S. = 100) | Difference |
|---|---|---|
| All items | 87.7 | −12.3% |
| Housing | 56.6 | −43.4% |
| Goods | 96.1 | −3.9% |
| Utilities | 77.9 | −22.1% |
| Other services | 98.5 | −1.5% |
Source: BEA Regional Price Parities, 2024.
Rent in Farmington, NM
| Unit | Monthly rent | Income needed (30% rule) |
|---|---|---|
| Studio | $882 | $35,280/yr |
| 1 bedroom | $885 | $35,400/yr |
| 2 bedrooms | $1,085 | $43,400/yr |
| 3 bedrooms | $1,509 | $60,360/yr |
| 4 bedrooms | $1,630 | $65,200/yr |
HUD Fair Market Rents, FY2026, population-weighted across the metro's counties.
Salary needed to live in Farmington, NM
To keep the same standard of living as in an average-priced U.S. city, you would need to earn roughly:
| Salary in an average U.S. city | Equivalent in Farmington, NM | Take-home here |
|---|---|---|
| $40,000 | $35,100 | $29,841 |
| $60,000 | $52,600 | $43,138 |
| $80,000 | $70,200 | $56,082 |
| $100,000 | $87,700 | $67,561 |
| $150,000 | $131,600 | $96,097 |
Scaled by the BEA price level (pre-tax). Take-home: single filer, New Mexico 2026 taxes. For a tax-aware comparison with a specific city, use the calculator above.
A monthly budget on the median wage
A single worker earning Farmington, NM's median wage of $45,820 takes home about $3,166 a month. A typical one-bedroom rents for $885, which is 28% of take-home pay — within the 30% guideline that financial planners suggest. That leaves about $2,281 a month for everything else.
Take-home pay in Farmington, NM
- Federal income tax$3,318
- Social Security (6.2%)$2,841
- Medicare (1.45%)$664
- New Mexico income tax$1,003
- Take-home pay$37,993
Marginal rate: 12% federal + 4.30% state
Pay and living costs in New Mexico cities
Half of New Mexico’s 870,970 workers earn less than $47,210 a year and half earn more; the middle 50% earn $35,260–$75,030 (BLS, May 2025). Prices vary a lot within the state: Farmington, NM stretches a paycheck furthest, while Las Cruces, NM is the costliest.
| Metro area | Median pay | Price level | 1-BR rent | Rent share | Left after rent / mo | Buying power* |
|---|---|---|---|---|---|---|
| Albuquerque, NM | $48,060 | 95.5 | $1,185 | 36% | $2,123 | $41,547 |
| Las Cruces, NM | $42,070 | 90.2 | $951 | 32% | $1,977 | $38,954 |
| Santa Fe, NM | $48,710 | 98.8 | $1,390 | 42% | $1,959 | $40,693 |
| Farmington, NM | $45,820 | 87.7 | $885 | 28% | $2,281 | $43,319 |
*Yearly take-home pay (on each metro’s median wage, single filer) in U.S.-average dollars. Price level: BEA RPP 2024 (U.S. = 100). Rent: HUD FY2026 one-bedroom fair market rent.
Farmington, NM vs. similar-size cities
| Metro area | Price level | 1-BR rent | Median wage | Jobs |
|---|---|---|---|---|
| Farmington, NM | 87.7 | $885 | $45,820 | 47,670 |
| Lewiston, ME | 94.7 | $1,218 | $49,540 | 47,660 |
| Johnstown, PA | 85.9 | $846 | $44,110 | 47,810 |
| Hammond, LA | 84.5 | $848 | $38,480 | 47,820 |
| Ithaca, NY | 103.3 | $1,466 | $58,130 | 47,980 |
| Morristown, TN | 86.4 | $887 | $44,280 | 47,290 |
| Albany, OR | 102.1 | $1,236 | $49,700 | 47,260 |
Frequently asked questions
Is Farmington, NM expensive to live in?
According to the Bureau of Economic Analysis, overall prices in the Farmington, NM metro area are 87.7% of the U.S. average, with housing at 56.6%. It is the #343 most expensive of 387 metro areas we track.
What salary do you need to live in Farmington, NM?
To match the buying power of a $60,000 salary in an average-priced U.S. city you would need about $52,624 in Farmington, NM (before tax differences). The median wage across all jobs here is $45,820.
Can you afford Farmington, NM on the median wage?
A single worker on the $45,820 median wage takes home about $3,166 a month after 2026 taxes; a one-bedroom at $885 would take 28% of that.
How much is rent in Farmington, NM?
HUD’s FY2026 fair market rents for Farmington, NM are $882 for a studio, $885 for one bedroom, $1,085 for two bedrooms and $1,509 for three bedrooms, including utilities.