Quick facts: Farmington, CT

Quick Facts

114.2
Cost of Living
above US average
25,340
Population
3.95
Crime Rate per 1000
below US average
$101,000
Median Income
above US average
$465,000
Median House Price
above US average
$2860.0
Average Rent
above US average
3%
Poverty Rate
below US average
2.0%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $101,000.

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Income Needed to Buy

βœ— Stretch
$146k/year
Based on $465,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $146k vs median $101,000
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Income Needed to Rent

⚠ Stretch
$123k/year
Based on $2860.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $123k vs median $101,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Farmington, CT

Farmington, Connecticut, is a picturesque town located in Hartford County, nestled between the bustling city of Hartford and the scenic hills of the Farmington River Valley. Known for its rich history, Farmington boasts a blend of colonial architecture and modern amenities. The town is home to several historic sites, such as the Hill-Stead Museum, which showcases an impressive collection of American art and beautiful gardens. The area is characterized by its lush landscapes, with ample opportunities for outdoor activities including hiking, biking, and enjoying beautiful parks like the Farmington River Greenway. The town also has a strong sense of community with various local events, farmers' markets, and recreational programs that bring residents together. Farmington is recognized for its excellent school system and is a desirable location for families. It has a vibrant economy supported by various businesses and is in close proximity to major highways, making it easily accessible to neighboring cities. The town's blend of suburban charm, recreational opportunities, and rich cultural heritage makes it a wonderful place to live and visit.

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