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Farmington city, NM

ZIP 87401 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 87401

Median Home Value
$202,400
Median Rent
$808
Affordability Snapshot
$56,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,300/mo PITI).

17%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

3.6x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

20.9 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 87401 in Farmington city, NM, a household would need roughly $56,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,300. That is roughly in line with the local median household income ($56,358). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 11% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
62.3%-5% vs US avg
x
Vacancy Rate
11.2%+9% vs US avg
x
Broadband Access
75.6%-13% vs US avg
x
4+ Bedrooms
1.8%-88% vs US avg
x
Built Pre-1939
1.0%-92% vs US avg
x
Built Post-2014
1.0%-86% vs US avg
x
Rent Burden >30%
22.0%-56% vs US avg
x
Mortgage-Free
45.6%+19% vs US avg
x
$202,400
Home Value
$808
Rent
1983
Year Built
2013
Moved In

Residents have lived here since ~2013 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached49.2%
  • 1-unit attached3.5%
  • 2-9 units13.7%
  • 10+ units4.4%
  • Mobile home & other29.2%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$202,400
Median rent$808
Owner-occupied62.3%
Vacant11.2%
Price-to-income3.6x
Est. income to buy$56,000