Median rent is 44% lower in Farmington ($993/mo vs $1,779/mo). Buying is cheaper in Farmington, where the median home runs $225,400 versus $751,700. Households earn more in New York ($79,713 vs $63,745 a year).
City A
Farmington, NM
City B
New York, NY
How much would you need to earn in New York, NY to maintain your standard of living from Farmington, NM?
A cost-of-living index isn't available for one of these cities yet, so we can't compute an equivalent salary.
Based on BEA Regional Price Parity (cost index) for each city's metro area. A rough estimate of overall purchasing power, not tax or take-home pay.
Metric
Farmington
New Mexico
New York
New York
👥Population
💰Median Household Income
Annual
🏠Median Gross Rent
Per month
🏡Median Home Value
📊Cost of Living Index
US avg = 100
🔑1BR Fair Market Rent
HUD FMR
🔑2BR Fair Market Rent
HUD FMR
🔑3BR Fair Market Rent
HUD FMR
🌬️Air Quality Index
Lower = cleaner
🏛️Top State Income Tax
Top marginal rate
🧾State Sales Tax
Statewide base rate
🎂Median Age
Years
✓ = better value · Sources: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Renters will find significantly cheaper housing in Farmington — median rent of $993/mo versus $1,779/mo in New York, a 44% difference. Home buyers face a steeper market in New York: the median home is $751,700 versus $225,400 in Farmington — 70% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
New Mexico's top income tax rate is 5.90% versus 10.90% in New York, so Farmington is more tax-friendly for high earners. Sales tax is 4.88% in New Mexico and 4.00% in New York; New York has the lower rate (local add-ons may apply in both).
Farmington
Income tax: 5.90%
Sales tax: 4.88%
New York
Income tax: 10.90%
Sales tax: 4.00%
Air quality data is available for New York (avg AQI 61.0) but not yet for Farmington.
Pick New York if you prioritize higher median household income ($79,713/yr).
Pick Farmington if you prioritize cheaper rent ($993/mo median).
Pick Farmington if you prioritize lower state income tax (5.90%).
Is Farmington cheaper than New York?
Cost of living index data is not yet available for one or both cities.
How much is rent in Farmington vs New York?
Median rent is $993/mo in Farmington, NM and $1,779/mo in New York, NY. Farmington, NM has the lower rent by about 44%.
Which has higher salaries — Farmington or New York?
Median household income is $63,745 in Farmington, NM and $79,713 in New York, NY. New York, NY has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Which city has better air quality?
Air quality data is not yet available for one or both cities.
Which has lower taxes — Farmington or New York?
New Mexico's top income tax rate is 5.90% and New York's is 10.90%. Farmington, NM has the lower rate.
What salary do I need in New York to match my Farmington income?
RPP data needed for salary equivalence calculation is not yet available.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology