Farmington New Mexico Residential Rent and Rental Statistics
The median monthly gross residential rent in Farmington, NM (the Farmington metro area) was $749 in 2019 according to the Census ACS survey.1 Average gross rent in Farmington was $669 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Farmington median and average rent data will be released in September of 2021.
Data is also available below for Farmington rental vacancy rates, Farmington rent as a percent of median income and the fraction of renters in Farmington.
Real Gross Rent in Farmington New Mexico (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New Mexico Median Gross Rent | $847 | +0.24% | +0.59% |
| Farmington, NM Median Gross Rent | $749 | -13.61% | -12.81% |
Farmington, NM Real Gross Rent Trends
Median gross rent for Farmington peaked in real terms in 2018 at $867 and is now $118 (13.61%) lower. Average gross rent for Farmington peaked in real terms in 2016 at $816 and is now $147 (18.01%) lower.
Real Gross Rent in Farmington: Farmington NM Median, Farmington NM Average, New Mexico Median, US Median
Real Gross Rent History for Farmington
| Date | US Median |
New Mexico Median |
Farmington, NM Median |
Farmington, NM Average |
|---|---|---|---|---|
| 2019 | $1,097 | $847 | $749 | $669 |
| 2018 | $1,077 | $845 | $867 | $760 |
| 2017 | $1,043 | $838 | $806 | $792 |
| 2016 | $1,027 | $842 | $859 | $816 |
| 2015 | $1,017 | $831 | $817 | $752 |
| 2014 | $986 | $820 | $790 | $790 |
| 2013 | $953 | $813 | $760 | $699 |
| 2012 | $940 | $801 | $744 | $769 |
| 2011 | $941 | $787 | $791 | $760 |
| 2010 | $955 | $781 | $829 | $724 |
| 2009 | $960 | $775 | $749 | $742 |
| 2007 | $927 | $748 | $724 | $703 |
| 2005 | $910 | $734 | $749 | $716 |
Farmington Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Farmington New Mexico was 11.73% according to Census ACS data.
Rental Vacancy Rate in Farmington New Mexico
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Mexico | 8.05% | -0.26% | -1.81% |
| Farmington, NM | 11.73% | +3.11% | +4.43% |
Trends in Farmington, NM Rental Vacancy Rate
The rental vacancy rate in Farmington peaked in 2013 at 20.17%. Since then it has fallen by 8.44% to 11.73%. Data records for this series originated in 2005. From a 2014 post peak low of 4.32%, the rental vacancy rate has increased by 7.41%.
Rental Vacancy Rate: Farmington NM, New Mexico, US
Historical Rental Vacancy Rate data for Farmington
| Date | US | New Mexico | Farmington, NM |
|---|---|---|---|
| 2019 | 5.97% | 8.05% | 11.73% |
| 2018 | 6.15% | 8.31% | 8.62% |
| 2017 | 6.18% | 8.29% | 8.44% |
| 2016 | 5.89% | 9.86% | 7.30% |
| 2015 | 5.85% | 8.75% | — |
| 2014 | 6.32% | 8.41% | 4.32% |
| 2013 | 6.49% | 9.01% | 20.17% |
| 2012 | 6.77% | 8.62% | 16.94% |
| 2011 | 7.40% | 7.42% | — |
| 2010 | 8.17% | 7.31% | 8.17% |
| 2009 | 8.43% | 9.74% | — |
| 2007 | 7.87% | 9.64% | — |
| 2005 | 7.74% | 7.47% | — |
Rent as a Fraction of Income
Using median household income data for Farmington, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Farmington, median monthly gross rent as a fraction of median household income was 20.28% in 2019 according to the ACS.
Farmington New Mexico Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New Mexico | 19.57% | -1.55% | -1.07% |
| Farmington, NM | 20.28% | -2.52% | +1.36% |
Trends in Farmington, NM Rent as a Fraction of Income
The fraction of median Farmington household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 22.80%. Since then it has fallen by 2.52% to 20.28%.
Fraction of Income towards Rent: Farmington NM, New Mexico, US
Historical Data for Annual Rent as a Fraction of Income in Farmington New Mexico
| Date | US | New Mexico | Farmington, NM |
|---|---|---|---|
| 2019 | 20.03% | 19.57% | 20.28% |
| 2018 | 20.50% | 21.12% | 22.80% |
| 2017 | 20.13% | 20.87% | 20.43% |
| 2016 | 20.43% | 20.64% | 18.92% |
| 2015 | 20.63% | 20.70% | 18.62% |
| 2014 | 20.89% | 20.81% | 18.40% |
| 2013 | 20.78% | 21.12% | 19.79% |
| 2012 | 20.65% | 21.23% | 18.08% |
| 2011 | 20.70% | 20.85% | 16.98% |
| 2010 | 20.50% | 19.93% | 19.73% |
| 2009 | 20.12% | 18.96% | 16.75% |
| 2007 | 18.66% | 18.44% | 16.92% |
| 2005 | 18.89% | 18.79% | 19.94% |
Renter Fraction in Farmington New Mexico
You can calculate the renter fraction in Farmington in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Farmington as a fraction of total Farmington households. In 2019 33.35% of households were renters according to Census ACS data.
Farmington Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New Mexico | 31.93% | -1.91% | -0.68% |
| Farmington, NM | 33.35% | +4.97% | +4.30% |
Trends in the Farmington, NM Renter Fraction
At 33.35%, the 2019 household based renter fraction in Farmington was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: Farmington NM, New Mexico, US
History of Farmington Renter Fraction
| Date | US | New Mexico | Farmington, NM |
|---|---|---|---|
| 2019 | 35.89% | 31.93% | 33.35% |
| 2018 | 36.05% | 33.84% | 28.38% |
| 2017 | 36.13% | 32.08% | 26.01% |
| 2016 | 36.88% | 32.61% | 29.05% |
| 2015 | 36.97% | 32.55% | 28.67% |
| 2014 | 36.90% | 33.09% | 29.94% |
| 2013 | 36.50% | 32.09% | 25.54% |
| 2012 | 36.09% | 32.27% | 25.53% |
| 2011 | 35.42% | 31.84% | 23.66% |
| 2010 | 34.65% | 32.06% | 29.67% |
| 2009 | 34.13% | 30.67% | 22.26% |
| 2007 | 32.80% | 29.99% | 26.54% |
| 2005 | 33.10% | 30.70% | 21.08% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
Department of Numbers
The Department of Numbers contextualizes public data so that individuals can form independent opinions on everyday social and economic matters.
Here's where you are
- Home
- / Rent
- / New Mexico
- / Farmington
