salaryRent is higher than in 51% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. It is a highly educated city: 62.4% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $66,920 a year. That is $32 an hour at a full-time job.
Is rent cheaper than other Michigan cities?
No. Rent here is more expensive than in most of Michigan. It is number 138 of 179 cities from cheapest to most expensive.
How much do households earn in Farmington?
Share of households by yearly income. 34.6% of households earn $100,000 or more.
Rent by apartment size in Farmington
| Size | Farmington | U.S. average |
|---|---|---|
| 1 bedroom | $1,299 | $1,324 |
| 2 bedrooms | $1,552 | $1,509 |
| 3 bedrooms | $2,169 | $1,698 |
| 4 bedrooms | $2,575 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Farmington overall?
Everyday prices in Michigan overall are 4% below the U.S. average (index 96.2, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Farmington, so the Michigan figure is shown.
Taxes and bills in Farmington
Life in Farmington
Is it cheaper to rent or buy in Farmington?
Renting is cheaper right now: about $389 a month less.
Owning assumes a typical $297,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $29,720 for the down payment.
Frequently asked questions
What is the average rent in Farmington, MI?
Renting in Farmington costs a median of about $1,673 a month in 2026, including utilities. The Michigan median is $1,314.
How much do I need to make to live in Farmington?
To keep rent under 30% of income, you need about $66,920 a year, or $32 an hour at a full-time job.
Is Farmington cheap or expensive?
Farmington is rated Cheap: rent takes 19.0% of the typical household income of $105,423. It ranks 138th cheapest of 179 Michigan cities we track.
How much are property taxes in Farmington?
The median homeowner in Farmington pays $4,500 a year in property taxes, about 1.51% of the median home value.
Is Farmington more expensive than the national average?
Overall prices in Michigan are 4% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Farmington?
The median home value in Farmington is $297,200, about 2.8 times the typical yearly household income.
11,504 people live in Farmington. Numbers are typical (middle) values.