Department of Numbers

Farmington New Mexico Residential Rent and Rental Statistics

The median monthly gross residential rent in Farmington, NM (the Farmington metro area) was $820 in 2016 according to the Census ACS survey.1 Average gross rent in Farmington was $779 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Farmington median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Farmington New Mexico (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
New Mexico Median Gross Rent $804 +1.39% +3.61%
Farmington, NM Median Gross Rent $820 +5.13% +12.95%

Farmington, NM Real Gross Rent Trends

At $820, real median gross rent in Farmington was at its highest level in 2016 since the series began in 2005. At $779, real average gross rent in Farmington was at its highest level in 2016 since the series began in 2005.

Real Gross Rent in Farmington: Farmington NM Median, Farmington NM Average, New Mexico Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Farmington

Date US
Median
New Mexico
Median
Farmington, NM
Median
Farmington, NM
Average
2016 $981 $804 $820 $779
2015 $972 $793 $780 $718
2014 $942 $783 $754 $754
2013 $910 $776 $726 $668
2012 $898 $765 $710 $735
2011 $898 $752 $755 $726
2010 $912 $746 $792 $692
2009 $916 $740 $715 $709
2008 $932 $756 $734 $737
2007 $885 $715 $691 $671
2006 $895 $724 $747 $718
2005 $869 $701 $715 $684

Farmington Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Farmington New Mexico was 7.30% according to Census ACS data.

Rental Vacancy Rate in Farmington New Mexico

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
New Mexico 9.86% +1.11% +0.85%
Farmington, NM 7.30% -12.87%

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 12.87% to 7.30%. Data records for this series originated in 2005. From a 2014 post peak low of 4.32%, the rental vacancy rate has increased by 2.98%.

Rental Vacancy Rate: Farmington NM, New Mexico, US

Rental vacancy rate in New Mexico

Historical Rental Vacancy Rate data for Farmington

Date US New Mexico Farmington, NM
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%
2008 7.86% 7.55% 5.64%
2007 7.87% 9.64%
2006 7.70% 8.42% 9.28%
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 18.92% in 2016 according to the ACS.

Farmington New Mexico Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
New Mexico 20.64% -0.07% -0.48%
Farmington, NM 18.92% +0.30% -0.86%

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 2005 (relative to the 2005 series origin) at 19.94%. Since then it has fallen by 1.02% to 18.92%. From a 2008 low of 16.54%, the fraction of income going to rent has increased by 2.39%.

Fraction of Income towards Rent: Farmington NM, New Mexico, US

Percent of median household income going towards median monthly gross rent in Farmington New Mexico

Historical Data for Annual Rent as a Fraction of Income in Farmington New Mexico

Date US New Mexico Farmington, NM
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%
2008 19.00% 18.42% 16.54%
2007 18.66% 18.44% 16.92%
2006 18.90% 18.22% 18.87%
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 2016 29.05% of households were renters according to Census ACS data.

Farmington Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
New Mexico 32.61% +0.06% +0.52%
Farmington, NM 29.05% +0.38% +3.51%

Trends in the Farmington, NM Renter Fraction

The Farmington household renter fraction peaked in in 2014 at 29.94% and is now 0.89% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Farmington NM, New Mexico, US

Fraction of renters in Farmington

History of Farmington Renter Fraction

Date US New Mexico Farmington, NM
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%
2008 33.36% 30.83% 25.93%
2007 32.80% 29.99% 26.54%
2006 32.73% 30.32% 26.31%
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.