The Most Affordable Neighborhoods in Farmington, IA by Home Value

These days, finding an affordable place to live in the Farmington area can be challenging. Home prices in Farmington are now at a median cost of $119,646, lower than the Iowa average of $226,062.

The average cost of rent is $861/mo in Farmington, primarily driven by the current value of real estate in the Farmington area. In Farmington, 18.72% of households rent, and 53.66% of homeowners own their homes outright.

Housing affordability isn’t just about home prices, though. The average household income in Farmington is $4,904 per month. Households that rent pay about 17.55% of their income on rent here. Farmington’s most expensive areas are in the northeastern regions, while the cheapest areas are in the central parts of the city.

Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.

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