Rent vs Buy in Farmington, NM
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Farmington, NM
Price-to-rent ratio is 22.8 (under 15 favors buying, over 21 favors renting). Renting costs $1,034/mo; owning runs about $2,113/mo — $1,079/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $1,499 |
| Property tax | $260 |
| Home insurance | $118 |
| Maintenance | $236 |
| Total to own | $2,113 |
| Average 2BR rent | $1,034 |
Based on a median home value of $283,135 with a $56,627 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.