Farmington, IA
Population 531 · Iowa
About Farmington, IA
Farmington is a small community located in Iowa with a population of 531 residents according to the latest US Census Bureau American Community Survey data. The median household income is $54,643 per year, which is 27% below the national median of $75,149. The median age of 52.7 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Farmington features a median home value of $63,600, which is 74% below the national median of $244,900. This makes Farmington one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $692, 40% below the national average of $1,163/month. Of the 319 total housing units, 82% are owner-occupied (221 units) and 18% are renter-occupied (47 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Farmington shows an unemployment rate of 0.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 9.8%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Farmington have an average one-way commute time of 25.2 minutes.
Education & Demographics
10.6% of Farmington residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.0% White, 0.4% Hispanic or Latino, 0.0% Black or African American, and 3.0% Asian residents, with 0.8% of the population being foreign-born.
Cost of Living in Farmington, IA
Compared to national averages, Farmington has a median household income of $54,643 (27% below the national median of $75,149). Home values average $63,600, which is 74% below the national median. Monthly rent at $692 is 40% below the US average of $1,163. Within Iowa, Farmington's income is 20% below the state average of $67,947, and home values are 52% below the state median of $132,237.
Why Live in Farmington, IA?
Farmington offers affordable housing with a median home value of $63,600, below the US average of $244,900, and rent that’s lower than the national average at $692/month, and a strong job market with an unemployment rate of just 0.0%. Additionally, the city features a low poverty rate of 9.8%, better than the national average.
Potential considerations include median household income ($54,643) that falls below the national average. However, Farmington’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Farmington has a population of 531 with a median age of 52.7 years. Compare Farmington with other cities to see how it stacks up, or explore all cities in Iowa.
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Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Farmington
What is the population of Farmington, IA?
The population of Farmington, IA is 531 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Iowa.
What is the median household income in Farmington?
The median household income in Farmington, IA is $54,643 per year, which is 27% below the national median of $75,149.
What is the median home value in Farmington?
The median home value in Farmington, IA is $63,600, which is 74% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Farmington?
The median monthly rent in Farmington, IA is $692, which is 40% below the national average of $1,163/month.
What is the unemployment rate in Farmington?
The unemployment rate in Farmington, IA is 0.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Farmington, IA a good place to live?
Farmington offers a moderate cost of living, affordable housing, and a strong job market. With a population of 531 and a median age of 52.7, the city appeals to established professionals and retirees.
How educated is Farmington, IA?
10.6% of residents in Farmington aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Farmington?
Key cost-of-living indicators for Farmington, IA: median home value is $63,600 (74% below national), median rent is $692/month, and median household income is $54,643. The home-value-to-income ratio is 1.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Farmington?
The poverty rate in Farmington, IA is 9.8%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Farmington, IA?
Farmington's population is 0.0% White, 0.4% Hispanic or Latino, 0.0% Black or African American, 3.0% Asian, and 0.8% two or more races. 0.8% of residents are foreign-born.