Total monthly cost of ownership
Cost to Own a Home in Farmington, Maine
A $162,000 home here costs
$1,505per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $833. The real number is $672 higher every month — 81% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Farmington against Franklin County and Maine
| Measure | Farmington | Franklin County |
|---|---|---|
| Median home value | $161,800 | $176,700 |
| Median property tax | $1,966 | $1,897 |
| Effective tax rate | 1.215% | 1.074% |
| Median gross rent | $838 | $759 |
| Population | 4,879 | 30,145 |
The weather behind that power bill
Farmington sits in Franklin County, which averages a high of 76.4°F in its hottest month and a low of -0.3°F in its coldest, with 42.64" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 136 cooling and 9,466 heating degree days, which is what sets the $257 electricity line above.
See the full climate breakdown for Franklin County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Franklin County
Common questions
How much does it cost to own a home in Farmington?
A $162,000 home in Farmington, Maine costs approximately $1,505 per month with 20% down at 6.66%. That is $833 principal and interest, $164 property tax, $48 homeowners insurance, $325 utilities and $135 set aside for maintenance.
What is the property tax rate in Farmington?
Farmington has an effective property tax rate of 1.215%, based on a median home value of $161,800 and median real estate taxes of $1,966. That is higher than the Franklin County average of 1.074%.
What is the average home price in Farmington?
The median owner-occupied home value in Farmington, Maine is $161,800, against $176,700 across Franklin County.
Is it cheaper to rent or buy in Farmington?
Median gross rent in Farmington is $838 a month, against $1,505 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Farmington — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Maine.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.