Farwell, MI
Population 1,086 · Michigan
About Farwell, MI
Farwell is a small town located in Michigan with a population of 1,086 residents according to the latest US Census Bureau American Community Survey data. The median household income is $40,667 per year, which is 46% below the national median of $75,149. The median age of 39.5 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Farwell features a median home value of $95,800, which is 61% below the national median of $244,900. This makes Farwell one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $496, 57% below the national average of $1,163/month. Of the 451 total housing units, 65% are owner-occupied (248 units) and 35% are renter-occupied (136 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Farwell shows an unemployment rate of 5.3%, which is near the national rate of 3.7%. The poverty rate stands at 26.3%, above the national average of 12.4%. Workers in Farwell have an average one-way commute time of 24.2 minutes.
Education & Demographics
11.8% of Farwell 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 1.7% White, 2.9% Hispanic or Latino, 0.0% Black or African American, and 0.5% Asian residents, with 0.6% of the population being foreign-born.
How Farwell Ranks in Michigan
Cost of Living in Farwell, MI
Compared to national averages, Farwell has a median household income of $40,667 (46% below the national median of $75,149). Home values average $95,800, which is 61% below the national median. Monthly rent at $496 is 57% below the US average of $1,163. Within Michigan, Farwell's income is 38% below the state average of $66,017, and home values are 48% below the state median of $183,391.
Why Live in Farwell, MI?
Farwell offers affordable housing with a median home value of $95,800, below the US average of $244,900, and rent that’s lower than the national average at $496/month, and short commute times averaging just 24.2 minutes.
Potential considerations include median household income ($40,667) that falls below the national average. However, Farwell’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Farwell has a population of 1,086 with a median age of 39.5 years. Compare Farwell with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Farwell
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Fostoria | 1,081 | $95,491 | $140,400 | Compare |
| Pigeon | 1,093 | $49,500 | $108,100 | Compare |
| Lamont | 1,078 | $158,456 | $469,200 | Compare |
| Lakes of the North | 1,076 | $65,536 | $169,600 | Compare |
| Dollar Bay | 1,070 | $63,500 | $196,200 | Compare |
| Memphis | 1,107 | $60,884 | $190,400 | Compare |
| Marcellus | 1,113 | $55,417 | $112,500 | Compare |
| Deckerville | 1,057 | $59,375 | $81,900 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Farwell With Other Cities
Frequently Asked Questions about Farwell
What is the population of Farwell, MI?
The population of Farwell, MI is 1,086 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Michigan.
What is the median household income in Farwell?
The median household income in Farwell, MI is $40,667 per year, which is 46% below the national median of $75,149.
What is the median home value in Farwell?
The median home value in Farwell, MI is $95,800, which is 61% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Farwell?
The median monthly rent in Farwell, MI is $496, which is 57% below the national average of $1,163/month.
What is the unemployment rate in Farwell?
The unemployment rate in Farwell, MI is 5.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Farwell, MI a good place to live?
Farwell offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 1,086 and a median age of 39.5, the city appeals to a broad range of residents.
How educated is Farwell, MI?
11.8% of residents in Farwell 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 Farwell?
Key cost-of-living indicators for Farwell, MI: median home value is $95,800 (61% below national), median rent is $496/month, and median household income is $40,667. The home-value-to-income ratio is 2.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Farwell?
The poverty rate in Farwell, MI is 26.3%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Farwell, MI?
Farwell's population is 1.7% White, 2.9% Hispanic or Latino, 0.0% Black or African American, 0.5% Asian, and 1.2% two or more races. 0.6% of residents are foreign-born.