salaryRent is lower than in 65% of U.S. cities. That makes it a rare mix of above-average pay and below-average rent. A typical house costs under 3 years of household income, which is easy by U.S. standards. Most homes (86.5%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $54,880 a year. That is $26 an hour at a full-time job.
Is rent cheaper than other Minnesota cities?
Yes. Rent here is cheaper than in most of Minnesota. It is number 53 of 150 cities from cheapest to most expensive.
How much do households earn in Farmington?
Share of households by yearly income. 49.7% of households earn $100,000 or more.
Rent by apartment size in Farmington
| Size | Farmington | U.S. average |
|---|---|---|
| 1 bedroom | $895 | $1,324 |
| 2 bedrooms | $1,652 | $1,509 |
| 3 bedrooms | $1,323 | $1,698 |
| 4 bedrooms | $2,086 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Farmington overall?
Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Farmington, so the Minnesota 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 $1,169 a month less.
Owning assumes a typical $366,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $36,620 for the down payment.
Frequently asked questions
What is the average rent in Farmington, MN?
Renting in Farmington costs a median of about $1,372 a month in 2026, including utilities. The Minnesota median is $1,525.
How much do I need to make to live in Farmington?
To keep rent under 30% of income, you need about $54,880 a year, or $26 an hour at a full-time job.
Is Farmington cheap or expensive?
Farmington is rated Cheap: rent takes 12.3% of the typical household income of $133,381. It ranks 53rd cheapest of 150 Minnesota cities we track.
How much are property taxes in Farmington?
The median homeowner in Farmington pays $4,240 a year in property taxes, about 1.16% of the median home value.
Is Farmington more expensive than the national average?
Overall prices in Minnesota are 1% 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 $366,200, about 2.7 times the typical yearly household income.
23,902 people live in Farmington. Numbers are typical (middle) values.