Rent to own Homes in Farmington, NM
Higher listing price than national average. The median listing price for properties and rent to own homes in Farmington is higher than the national average. In Farmington, homes hit the market at a median price of $199,000 or $122 per square foot. Nationally, the figure is around $170,000. want to live near greenery? Check out homes near Greenleaf or 505 RV Park. 2.
Farmington, NM is a great place for affordable rent-to-own homes! With a median household income of over $56,576 and a median rent of $892, the Farmington, NM rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Farmington, NM. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
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Rent to own Homes in Cities Near Farmington, NM
Neighborhoods in Farmington, NM
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87402 rent to own homesBuying a Home in Farmington, NM
Farmington, NM is seeing rapid growth and Farmington, NM's' housing market remains optimal with an average home price that is -13% below the 2024 national average. Farmington, NM is part of San Juan county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county San Juan is 0.42% which is below the national average, which is 0.99%.
Median Home Price in Farmington, NM
Median Rent in Farmington, NM
Top 10 Things About Living in Farmington, New Mexico
Located near magnificent geologic formations. Farmington is within easy driving distance of a number of natural wonders. Monument Valley, Shiprock, Canyon de Chelly and Angel Peak are interesting sights to see. 3.
Plenty of places to purchase Native American arts and handicrafts. The Navajo Trading Company, Bob French's Navajo Rugs and Fifth Generation Trading Company are excellent places to shop for local decor and artwork. 4.
A lot of single family homes. The overwhelming majority of homes in Farmington are single family homes. In fact, 75.5 percent of homes on the market are single family while the remainder are listed as other. You shouldn't have any problem finding rent to own houses. 5.
Diverse dining options. There are tons of fantastic dining opportunities in the Farmington area. The top rated restaurants are Three Rivers Pizzeria, Boons Family Thai Barbecue and Mikasa Japanese Cuisine. 6.
Great nightlife! If you want to have fun after the sun goes down, there are definitely options in Farmington. Check out Top Deck or Clancy's Pub for a great beer or a fun time watching the game. 7.
Great place to rent! About 35% of homes here are rented, so if you want a place that you can rent or rent to own and call home, this is definitely a good place to do it. Consider renting in neighborhoods like Jack Rabbit Junction or near Four Corners Regional Airport. 8.
Superb shopping. If you like to shop for clothes, books, homegoods or more, there are plenty of opportunities in Farmington. Check out two great shopping destinations: Animas Valley Mall and Bealls. 9.
Sought-after living. People want to live in Farmington! Which is why there's a vacancy rate of about 2% - both purchased and rent to own homes. It makes sense, too! Since the area is so nice. Want to live near beautiful scenery? Check out the Lions Wilderness Amphitheater or Harmony Park. 10.
The arts. Like culture and the arts? You can enjoy a lot of it living in the Farmington area. Movie lovers will enjoy Allen Theatres, while music lovers can take advantage of Southwest DJ Services. For dancing, check out Club B Lounge. It's a blast!