Dakota County · Minnesota · Midwest · 24k residents
Farmington, MN: economy, jobs & business costs
The site-selection read on Farmington: labor costs, talent, corporate tax, energy, and business activity, with the Minnesota median as the yardstick. Compare it live against any of 3,000 US cities.
Data coverage: ACS place data; supplementary fields may use state estimates.
Average weekly wages in the surrounding labor market run $1,437/wk. Minnesota's corporate income tax rate is 9.8%. Commercial electricity averages 12.1¢/kWh.
Compare Farmington side by side
Avg. weekly wage
$1,437/wk
Corporate income tax
9.8%
Bachelor's degree or higher
38.7%
Commercial electricity
12.1¢/kWh
Economic momentum
How fast Farmington's economy is moving, ranked against the US cities we track.
25/100
Cooling
Ranks Farmington's residential building-permit and jobs growth against the US cities we cover. The label is relative pace, not a direction, so a market can rank low while some figures still rise. A higher score moves faster, it is not cheaper or better. This is economic activity, not commercial lease rates or vacancy. Not investment or relocation advice.
| ACS median home value | $366,200 |
| Price per sq. ft. | $200 |
| Property tax rate | 1.05% |
| 1-bedroom rent | $809/mo |
| 2-bedroom rent | $1,494/mo |
| State & local income tax | 3.68% |
| Sales tax | 7.5% |
| Corporate income tax | 9.8% |
| Avg. weekly wage | $1,437/wk |
| Bachelor's degree or higher | 38.7% |
| Commercial electricity | 12.1¢/kWh |
| Businesses per 1k residents | 26.3/1k |
| Wage: Software developer | $130,920 |
| Wage: Registered nurse | $103,040 |
| Wage: General manager | $103,570 |
| Wage: Customer service | $49,480 |
| Wage: Warehouse worker | $37,440 |
| Wage: Heavy truck driver | $64,200 |
| Wage: Electrician | $81,890 |
| Wage: Retail salesperson | $36,670 |
| Cost of living index | 100 |
| Groceries index | 100 |
| Utilities | $165/mo |
| Transit pass | $85/mo |
| Gas price | $3.15/gal |
| Healthcare index | 102 |
| Childcare (per child) | $1,350/mo |
| Median household income | $123,673 |
| Unemployment rate | 2.9% |
| Population | 24k |
| Crime index | 40/100 |
| School rating | 7.0/10 |
| Walkability | 30/100 |
| Disaster risk | 90/100 |
| Avg. commute | 24 min |
| Sunny days / year | 195 days |
| July high | 82°F |
| January low | 8°F |
| Annual snowfall | 41 in |
| Home price YoY | +1.4% |
| Home price MoM | -0.2% |
| Rent YoY | — |
| Rent MoM | +0.5% |
| Employment (jobs) YoY | -0.2% |
| Building permits YoY | -47.0% |
| Ocean coast | 1013 mi |
| Big lake | 27 mi |
| Mountains | 505 mi |
| Major airport | 15 mi |
| Ski resort | 149 mi |
Popular comparisons
Nearby
- Rosemount, MN · 28k
- Lakeville, MN · 74k
- Apple Valley, MN · 56k
- Burnsville, MN · 64k
- Eagan, MN · 68k
Similar size
- White Bear Lake, MN · 24k
- Champlin, MN · 23k
- Faribault, MN · 25k
- New Brighton, MN · 23k
- Crystal, MN · 22k
Real listings in Farmington
LoopNet ↗Crexi ↗CommercialCafe ↗
Links open third-party listing searches. WhereToHQ has no paid relationship with these sites.
- Is Farmington a good place to run a business?
- Minnesota's corporate income tax rate is 9.8%; average weekly wages in the surrounding labor market run $1,437/wk; commercial electricity averages 12.1¢/kWh. Weigh these against your own priorities in the business comparison tool.
- What is the cost of living in Farmington, MN?
- Farmington indexes at 100 for day-to-day costs against a national baseline of 100, with a typical two-bedroom renting for $1,494/mo and a acs median home value of $366,200.
- How much does a house cost in Farmington?
- The acs median home value in Farmington is $366,200 (Census ACS estimate; individual listings vary).
- How much is rent in Farmington?
- A two-bedroom in Farmington rents for about $1,494/mo.