A+
12%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
27%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Farmington Missouri National
Cost of living8888100
Goods & Services9292100
Groceries9795100
Health care8990100
Housing7378100
Transportation9491100
Utilities10299100

An Overview of Cost of Living in Farmington, MO

Getting a feel for the cost of living in Farmington is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Farmington is 88, which is 12% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Is Farmington Affordable?

Wondering if Farmington is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Farmington, for example, the median home price is 27% lower than what folks pay nationally, and monthly rent is 27.2% lower than the usual rates. Plus, income levels matter too, with Farmington boasting a median household income of $44,093, which is 20.3% lower than the national average.

What Factors can Influence the Cost of Living in Farmington?

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Farmington, is 27% lower than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Farmington, healthcare costs are 11.3% lower than the national average.

Where is the Data From?

The Farmington cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Farmington is 1% lower than the Missouri average
  • The cost of living in Farmington is 12% lower than the national average
  • Farmington housing is 27% lower than the national average
  • Missouri general sales tax is 17% lower than the national average
  • Missouri state income tax is 23% lower than the national average

Most Affordable Places to Live in and Around Farmington

See all the best places to live around Farmington

Compare Farmington, MO Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$59,063$4,922$1,378$1,772
      Renters$31,580$2,632$737$947
      To approximate the cost of living and the housing affordability in Farmington, MO, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Farmington have a median income of $59,063. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,378 per month to avoid calamity and poverty. The renters in the city have an income of about $31,580, which would make their monthly maximum allowable rental costs $737.

      Missouri Sales Tax

      State General Sales Tax With Max Surtax
      Missouri 4.225% 10.85%

      Missouri Income Tax

      State Income Tax (Low) Income Tax (High)
      Missouri 2% 4.95%

      Goods & Services

      Item Farmington National avg. Difference
      Haircut $21.19$24.2612.7%
      Beauty Salon $40.57$45.5611.0%
      Toothpaste $3.75$3.701.3%
      Shampoo $1.11$1.2813.3%
      Movie $11.28$12.137.1%
      Bowling $16.92$18.006.0%

      Groceries

      Item Farmington National avg. Difference
      Ground Beef $6.40$5.849.7%
      Fried Chicken $1.36$1.5713.3%
      Milk $4.50$4.673.7%
      Potatoes $5.28$4.936.9%
      Pizza $10.84$12.0910.3%
      Beer $9.47$10.419.1%

      Health Care

      Item Farmington National avg. Difference
      Optometrist $125.72$125.680.0%
      Doctor $124.51$135.788.3%
      Dentist $100.78$113.2911.0%
      Ibuprofen $10.14$10.654.8%
      Lipitor $520.16$468.6011.0%

      Housing

      Item Farmington National avg. Difference
      Home Price $134,900.00$184,700.0027.0%
      Avg. Mortgage Payment $1,737.43$2,346.6926.0%
      Apartment Rent $691.00$949.0027.2%

      Transportation

      Item Farmington National avg. Difference
      Gasoline $3.20$3.467.6%
      Tire Balancing $50.00$59.9216.6%

      Utilities

      Item Farmington National avg. Difference
      All Electricity $133.84$193.9931.0%
      Phone $188.69$192.251.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Frankclay, MO174945.9%
      Weingarten, MO143945.9%
      Doe Run, MO6577525.5%
      Iron Mountain Lake, MO7057525.1%
      Wortham, MO4297624.2%
      Farmington, MO18,7928812.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Bellwood, IL18,7991011.0%
      Jacksonville, IL18,7848415.9%
      Madisonville, KY18,801918.6%
      Seminole, FL18,7721033.0%
      Onalaska, WI18,8141033.0%
      Farmington, MO18,7928812.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.