Similar to the surrounding areas, it is a bit more expensive compared to the US as a whole. Compared to the city of Minneapolis, it's close to average.
Home prices
The value of the median home in Farmington is $254,200. Compared to the surrounding areas this is is very similar.It is roughly $36,700 (16%) higher compared to the entire nation, and is roughly $2,600 (1%) higher in comparison to the city of Minneapolis.
Rents
The median monthly rent in Farmington is $1,052. This is about $69 (6%) lower in comparison to nearby areas.It is is very similar in comparison to the country as a whole, and is roughly $25 (2%) higher in comparison to the city of Minneapolis.
Nearby places
Lakeville
Lakeville is Farmington's neighbor to the west. Its real estate prices are a bit more expensive. Lakeville's median home cost is $311,100, which works out to $56,900 (18%) higher than Farmington. Rent there is a bit more expensive. Lakeville's median monthly rent is $1,360, which is $308 (22%) higher than Farmington.
Apple Valley
Apple Valley is roughly 5 miles north from Farmington. Its real estate prices are pretty similar. Apple Valley's median home cost is $258,000, which comes out to $3,800 (1%) higher than Farmington. Rent there is a little more expensive. In Apple Valley the median rent is $1,353 a month, which comes out to $301 (22%) higher than Farmington.
Coates
Coates is approximately 6 miles northeast of Farmington. The housing prices there are substantially less expensive. The value of the median home in Coates is $192,500, which comes out to $61,700 (32%) lower than Farmington. Rents there are a bit less expensive. The median rent in Coates is $882 per month, which is $170 (19%) lower than Farmington.
Rosemount
Rosemount is roughly 7 miles northeast from Farmington. The housing prices there are a bit more expensive. Rosemount's median home cost is $279,000, which is $24,800 (8%) higher than Farmington. Rent there is somewhat more expensive. The median monthly rent in Rosemount is $1,218, which works out to $166 (13%) higher than Farmington.
Hampton
Hampton is roughly 7 miles southeast from Farmington. The real estate prices there are a bit less expensive. Hampton's median home value is $231,300, which comes out to $22,900 (9%) lower than Farmington. Its rents are significantly less expensive. In Hampton the median monthly rent is $792, which comes out to $260 (32%) lower than Farmington.
