Average Rent in Farmington, NM↑ Rents rising 2.2% YoY

Farmington, NM has rental prices ranging from $841/month to $1,571/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $855/month — 39% below the national average of $1,400/month. With a median household income of $53,020/year, spending $855/month on a 1-bedroom represents 19% of gross income — within the recommended 30% threshold.

How Farmington Compares

With an average 2-bedroom rent of $1,034/month, Farmington ranks #7 most expensive of the 30 cities tracked in New Mexico — pricier than 69% of all US cities in our data.

The Farmington Rental Market

The Farmington, NM area has a population of about 121,178 and 30% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Farmington, NM have risen by $22/month (2.2%) over the past year, from $1,012 to $1,034. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Farmington, NM without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $34,200. The local median household income of $53,020 exceeds that threshold by $18,820, making Farmington relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Farmington, NM is $283,135, giving a price-to-rent ratio of 22.8. With a break-even horizon of approximately 23 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Is Farmington, NM Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Farmington?

Break-even analysis and mortgage estimates based on local market data.

Living in Farmington

Cost of living, job market, crime rates, and moving cost estimates.