Cost of living in Farmington
Farmington, located in New Mexico, is a city known for its rich cultural heritage and scenic landscapes. Understanding the cost of living in Farmington is crucial for anyone considering moving to or residing in the area.
This guide provides a detailed breakdown of various expenses, including housing, transportation, and other essential costs, to help you make informed financial decisions.
Cost of Living Summary
Transportation
- Public Transport (Monthly Pass) - A monthly pass for local transportation is available at an average price of $30.
Housing Costs
- 1-Bedroom Apartment Rent (City Centre) - Rent for a 1-bedroom apartment in the city centre averages $3000.
- 1-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent for a 1-bedroom apartment also averages $3000.
- 3-Bedroom Apartment Rent (City Centre) - Rent for a 3-bedroom apartment in the city centre averages $5000.
- 3-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent for a 3-bedroom apartment also averages $5000.
Cost of Living Rankings
The cost of living indices for the United States are compared to New York City (NYC), which serves as the baseline with an index of 100. These provide insights into the relative cost of living in different cities in United States, covering factors like consumer goods, rent, and purchasing power.
Cost of Living Data
Transportation
Transportation
Rent Per Month
Rent Per Month
Salaries And Financing
Salaries And Financing
"Key Takeaways"
Farmington presents a unique cost of living scenario with high rental prices for both city centre and outside centre locations.
Transportation costs are relatively low, with affordable monthly public transport passes.
The average monthly net salary in Farmington is quite high, which may offset the high rental costs for residents.
Conclusion
In conclusion, Farmington offers a mixed cost of living landscape. While housing costs are notably high, the low transportation expenses and high average salaries provide a balance.
Prospective residents should weigh these factors carefully, considering their personal financial situation and lifestyle preferences when planning a move to Farmington.