Farmington, NM
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.49×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs New Mexico
- 3.78×-0.29
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
24.6%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs New Mexico
- 25.2%-0.6
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.57%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs New Mexico
- 4.15%+0.43
- vs U.S.
- 4.35%+0.23
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.76%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs New Mexico
- 0.10%+0.66
- vs U.S.
- 0.03%+0.73
Benchmark
IRS net migration ÷ population
tight
Permit pipeline
0.62
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs New Mexico
- 3.31
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
4.7%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs New Mexico
- 4.3%
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+52.9%
homeValues.yearOverYear
+4.6%
Median home value
$185,100
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $885 | $10,620 | 20.0% |
| 2 BR | $1,085 | $13,020 | 24.6% |
| 3 BR | $1,509 | $18,108 | 34.2% |
Labor market direction
Unemployment
4.7%
Median household income
$53,020
What's being built
Total TTM
76
+2.7% YoY
Single-family
76
2–4 unit
0
5+ unit
0
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| San Juan County | 121,798 | $185,100 | $53,020 | 76 | +2.7% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Farmington | 121,798 | $53,020 | 3.49× | 4.57% | +52.9% | 0.62 | 4.7% |
| Beckley, WV | 114,848 | $52,345 | — | — | +58.5% | — | 5.0% |
| Anniston-Oxford, AL | 116,162 | $55,826 | — | — | +53.4% | — | 2.5% |
| Weirton-Steubenville, WV-OH | 116,536 | $57,149 | — | — | +53.0% | — | 5.0% |
| Mansfield, OH | 125,008 | $57,649 | — | — | +63.6% | — | 4.8% |
| The Villages, FL | 131,832 | $55,228 | — | — | — | — | — |
Where people are moving in from
Net migration
+926
+0.76% of population
| Origin county | Tax returns |
|---|---|
| McKinley County, NM | 965 |
| La Plata County, CO | 234 |
| Bernalillo County, NM | 157 |
| Apache County, AZ | 105 |
| Maricopa County, AZ | 101 |
| Sandoval County, NM | 48 |
Who lives in Farmington
- Median age
- 38
- Bachelor's+
- 16.6%
- Owner-occupancy
- 70.2%
- Vacancy rate
- 14.6%
- Rent burdened (30%+)
- 40.3%
- Median household income
- $53,020
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.