Rent vs Buy in Farmington, NM
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Farmington, NM
Price-to-rent ratio is 21.1 (under 15 favors buying, over 21 favors renting). Renting costs $1,116/mo; owning runs about $2,088/mo — $972/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $1,475 |
| Property tax | $259 |
| Home insurance | $118 |
| Maintenance | $236 |
| Total to own | $2,088 |
| Average 2BR rent | $1,116 |
Based on a median home value of $282,854 with a $56,571 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.