Farmington, NM home prices
Typical home $273,561 · +6.8% in a year · income needed $75,600
The Farmington, NM metro area ranks 386 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed +6.8% in a year and +32.4% over five years. With 20% down at 7.11%, the typical home costs about $1,764 a month including 0.68% property tax (San Juan County rate).
Mortgage on the typical Farmington home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $54,712 | $218,849 | $1,472 | $0 | $292 | $1,764 | $75,600 |
| 10% down | $27,356 | $246,205 | $1,656 | $103 | $292 | $2,051 | $87,900 |
| 5% down | $13,678 | $259,883 | $1,748 | $108 | $292 | $2,148 | $92,100 |
| 3.5% down (FHA) | $9,575 | $268,606 | $1,807 | $121 | $292 | $2,220 | $95,100 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.68% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Counties in the Farmington area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| San Juan County, NM | $273,559 | +6.8% | 0.68% |
What can you afford in New Mexico on your salary? · New Mexico home prices · Salaries in New Mexico
Frequently asked questions
How much is a house in Farmington?
The typical home in the Farmington, NM metro area is worth $273,561 (Zillow, September 2026).
What salary do you need to buy a house in Farmington?
About $75,600 a year for the typical home with 20% down at 7.11%.