Total monthly cost of ownership
Cost to Own a Home in Farmington, Utah
A $618,000 home here costs
$4,234per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $3,177. The real number is $1,056 higher every month — 33% 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 Davis County and Utah
| Measure | Farmington | Davis County |
|---|---|---|
| Median home value | $618,400 | $470,500 |
| Median property tax | $3,175 | $2,546 |
| Effective tax rate | 0.513% | 0.541% |
| Median gross rent | $1,644 | $1,516 |
| Population | 24,934 | 366,742 |
The weather behind that power bill
Farmington sits in Davis County, which averages a high of 91.3°F in its hottest month and a low of 21.2°F in its coldest, with 16.36" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 1,052 cooling and 5,850 heating degree days, which is what sets the $117 electricity line above.
See the full climate breakdown for Davis County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Davis County
Common questions
How much does it cost to own a home in Farmington?
A $618,000 home in Farmington, Utah costs approximately $4,234 per month with 20% down at 6.66%. That is $3,177 principal and interest, $264 property tax, $93 homeowners insurance, $185 utilities and $515 set aside for maintenance.
What is the property tax rate in Farmington?
Farmington has an effective property tax rate of 0.513%, based on a median home value of $618,400 and median real estate taxes of $3,175. That is lower than the Davis County average of 0.541%.
What is the average home price in Farmington?
The median owner-occupied home value in Farmington, Utah is $618,400, against $470,500 across Davis County.
Is it cheaper to rent or buy in Farmington?
Median gross rent in Farmington is $1,644 a month, against $4,234 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 Utah.
- 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.