Total monthly cost of ownership
Cost to Own a Home in Farmington, Mississippi
A $132,000 home here costs
$1,205per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $679. The real number is $526 higher every month — 78% 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 Alcorn County and Mississippi
| Measure | Farmington | Alcorn County |
|---|---|---|
| Median home value | $132,300 | $132,300 |
| Median property tax | $1,002 | $788 |
| Effective tax rate | 0.757% | 0.596% |
| Median gross rent | $879 | $728 |
| Population | 2,044 | 34,500 |
The weather behind that power bill
Farmington sits in Alcorn County, which averages a high of 90.0°F in its hottest month and a low of 30.4°F in its coldest, with 58.82" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,771 cooling and 3,392 heating degree days, which is what sets the $145 electricity line above.
See the full climate breakdown for Alcorn County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Alcorn County
Full Alcorn County cost breakdown · Every county in Mississippi
Common questions
How much does it cost to own a home in Farmington?
A $132,000 home in Farmington, Mississippi costs approximately $1,205 per month with 20% down at 6.66%. That is $679 principal and interest, $83 property tax, $120 homeowners insurance, $213 utilities and $110 set aside for maintenance.
What is the property tax rate in Farmington?
Farmington has an effective property tax rate of 0.757%, based on a median home value of $132,300 and median real estate taxes of $1,002. That is higher than the Alcorn County average of 0.596%.
What is the average home price in Farmington?
The median owner-occupied home value in Farmington, Mississippi is $132,300, against $132,300 across Alcorn County.
Is it cheaper to rent or buy in Farmington?
Median gross rent in Farmington is $879 a month, against $1,205 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 Mississippi.
- 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.