Cost of Living in Farmington, Kentucky

Farmington is a Census-designated place in Graves County, Kentucky, with a population of 161. The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Farmington is $32,360 a year — about the same as the annual cost of living for Kentucky of $32,557 and less than the national figure of $38,433.

Using cost of living data from the nonprofift think tank Economic Policy Institute, 24/7 Wall St. estimated the cost of living in Farmington and over 29,000 other cities and towns in the US.

Housing Costs in Farmington, Kentucky

Housing is one of the largest components of cost of living. In Farmington, the median home value is $184,700, less than the national median home value of $204,900.

Renting is a sometimes lower cost alternative to homeownership. In Farmington, some 57.70% of occupied homes are rented, greater than the 36.2% national renter rate.

Transportation Costs in Farmington, Kentucky

Transportation can also be a significant component of cost of living. In Farmington, 100.00% of commuters drive to work, compared to 85.5% of commuters nationwide. An estimated 83.50% of workers commute to jobs outside of Farmington, a larger share than the 43.7% share of commuters nationwide who live and work in different cities. The average commute in Farmington is N minutes long, compared to the 26.6-minute average commute nationwide. Taking into account the cost of gas, as well as public transit and car maintenance, the EPI estimates that a single person in Farmington spends $11,230 a year on transportation, more than the national average of $9,760.

Health Care Costs in Farmington, Kentucky

Out-of-pocket health care costs and insurance premiums — assuming at least a basic level of health insurance coverage — are closely in line with the national average in Farmington but well above what they are across Kentucky as a whole.

For a single adult living in the area, average health care costs come out to $4,335 per year, compared to an average of $3,679 across Kentucky and $4,266 nationwide.

Child care Costs in Farmington, Kentucky

For families with children, child care adds thousands of dollars to overall annual spending. In Farmington, the average annual cost of child care for two children — one 4 year old and one 8 year old — is $10,042, about $2,900 less than the comparable average of $12,978 across all of Kentucky. Meanwhile, across the U.S. as a whole, childcare expenses for two children averages $15,853 per year.

Food Costs in Farmington, Kentucky

Food is another every day expense that has a significant impact on overall cost of living. Data from the U.S. Department of Agriculture shows that the cost of food varies from city to city and town to town.

In Farmington, a single adult spends an average of $2,607 on food annually, and a family of four spends $7,529 on average. For context, average annual food expenditure across Kentucky and the U.S., respectively, are $2,932 and $3,240 for a single adult, and $8,467 and $9,354 for a family of four. These estimates are calculated for a nutritionally adequate diet of food purchased at a grocery store for at-home preparation.

Taxes in Farmington, Kentucky

Few expenses vary as much from city to city and town to town as taxes. Accounting for state and federal income taxes, as well as Social Security contributions and Medicare payroll taxes, the average adult working in Farmington, Kentucky pays $5,676 annually — closely in line with the statewide average of $5,723.

It is important to note that these calculations do not include other common taxes such as property, sales, and excise taxes. Accounting for these taxes, while excluding taxes levied at the federal level, Farmington residents live in a state with a low average tax burden. Per capita state tax collections in Kentucky total $2,699 per year, compared to the $3,151 average across all states.

Methodology

To estimate the cost of housing, food, transportation, health care, child care, taxes, and other necessities, 24/7 Wall St. assigned county-level Economic Policy Institute data to cities, towns, villages and Census-designated places based on boundary definitions from the U.S. Census Bureau. For places that span multiple counties, data was aggregated based on the percentage of boundary overlap.

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