Total monthly cost of ownership
Cost to Own a Home in Farmington, Missouri
A $188,000 home here costs
$1,523per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $967. The real number is $557 higher every month — 58% 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 St. Francois County and Missouri
| Measure | Farmington | St. Francois County |
|---|---|---|
| Median home value | $187,500 | $155,100 |
| Median property tax | $1,329 | $1,161 |
| Effective tax rate | 0.709% | 0.749% |
| Median gross rent | $856 | $786 |
| Population | 17,999 | 66,864 |
The weather behind that power bill
Farmington sits in St. Francois County, which averages a high of 88.5°F in its hottest month and a low of 22.6°F in its coldest, with 45.16" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,341 cooling and 4,551 heating degree days, which is what sets the $123 electricity line above.
See the full climate breakdown for St. Francois County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in St. Francois County
Full St. Francois County cost breakdown · Every county in Missouri
Common questions
How much does it cost to own a home in Farmington?
A $188,000 home in Farmington, Missouri costs approximately $1,523 per month with 20% down at 6.66%. That is $967 principal and interest, $111 property tax, $98 homeowners insurance, $191 utilities and $157 set aside for maintenance.
What is the property tax rate in Farmington?
Farmington has an effective property tax rate of 0.709%, based on a median home value of $187,500 and median real estate taxes of $1,329. That is lower than the St. Francois County average of 0.749%.
What is the average home price in Farmington?
The median owner-occupied home value in Farmington, Missouri is $187,500, against $155,100 across St. Francois County.
Is it cheaper to rent or buy in Farmington?
Median gross rent in Farmington is $856 a month, against $1,523 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 Missouri.
- 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.