Insurance Agent Hourly Pay in Farmington, NM: $21.81 (2026)
Quick Answer:Hourly pay for a insurance agent working in Farmington, NM runs $21.81 at the median for 2026 — annualizing to $45,356 at a standard 2,080-hour year. Figures projected from BLS OEWS 2025 (SOC 41-3021). Weighted against Farmington's regional price level (BEA RPP 87.7, 12% below national), each hour of work buys what $24.86 nationally would. A 24-hour part-time schedule grosses $27,216 per year.
Official BLS data · View source
In Farmington, New Mexico, the projected insurance agent hourly pay for 2026 stands at $21.81, significantly lower than the national median hourly rate of $31.02. This disparity highlights the local market dynamics and cost of living, which sits at an index of 87.707, indicating that residents may have more affordable living expenses compared to the national average. For part-time insurance agents working three days a week, their earnings could reach around $26,059 annually, allowing flexibility in schedules while still providing a decent income. With hourly pay ranging from $14.35 for entry-level positions to $45.93 for the highest earners in Farmington, prospective agents at various stages of their careers have the opportunity to thrive in diverse settings, including captive agent storefronts, independent agency offices, and remote consultations.
Insurance Agent Hourly Wage Breakdown
| Percentile | Hourly Rate | Per 8hr Shift |
|---|---|---|
| Entry Level (P10) | $14.35 | $114.79 |
| Lower Range (P25) | $14.61 | $116.86 |
| Median (P50) | $21.81 | $174.46 |
| Upper Range (P75) | $31.15 | $249.22 |
| Top Earners (P90) | $45.93 | $367.41 |
Estimated Annual Income by Work Schedule in Farmington
Based on $21.81/hr median hourly rate · 2026 est.
At $21.81/hr, a insurance agent working full-time (40 hr/wk) in Farmington, NM can expect to earn approximately $45,360 per year (2026 est.). Part-time hygienists working 24 hours per week would earn around $26,169. With a cost-of-living index of 87.71 (below the national average), these earnings stretch further in Farmington.
Hourly Rate Calculator
Schedule Comparison in Farmington
| Schedule | Weekly | Monthly | Annual |
|---|---|---|---|
| Full-Time (40 hrs) | $872.31 | $3,780 | $45,360 |
| Part-Time (24 hrs) | $523.39 | $2,268 | $27,216 |
| Per Diem (16 hrs) | $348.92 | $1,512 | $18,144 |
Compare Agent Wages With Similar Roles
| Role | Median Hourly |
|---|---|
| Insurance Agent (Farmington) | $21.81 |
| Real Estate Sales Agent (National Avg) | $32.36 |
| Personal Financial Advisor (National Avg) | $51.62 |
| Insurance Underwriter (National Avg) | $37.70 |
| Claims Adjuster (National Avg) | $35.30 |
Insurance Agents in Farmington, NM earn a median of $45,356 per year (2026 est.), which is 29.70% lower than the national median of $64,522 and 25.50% below the New Mexico state average of $60,881.
Insurance Agent Hourly Pay vs. Cost of Living
Working 24h/week at $21.81/hr = $27,216/year (purchasing power: $31,031).
Working 40h/week (full-time) = $45,360/year (purchasing power: $51,718).
CoL index: 87.707 (100 = national average). Your dollars stretch further here.
2019 BLS Actual
$19.61/hr
2025 BLS Actual
$21.05/hr
2026 Current Est.
$21.81/hr
2019–2027 Growth
+15.2%
Hourly Rate Trajectory for Insurance Agents in Farmington (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.60% projection.
| Year | Hourly Rate | Status |
|---|---|---|
| 2019 | $19.61/hr | Actual |
| 2020 | $17.64/hr | Actual |
| 2021 | $22.04/hr | Actual |
| 2022 | $21.83/hr | Actual |
| 2023 | $20.25/hr | Actual |
| 2024 | $22.98/hr | Actual |
| 2025 | $21.05/hr | Actual |
| 2026(current) | $21.81/hr | Estimated |
| 2027 | $22.59/hr | Projected |
Based on 7 years of BLS OEWS metropolitan area data, the median hourly rate for insurance agents in Farmington grew 7.3% from $19.61/hr (2019) to $21.05/hr (2025). At a 3.60% projected growth rate, hourly pay is expected to reach $22.59/hr by 2027. Part-time and per-diem insurance agents can use this multi-year trend to benchmark future contract negotiations.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Farmington metropolitan area, sourced from annual Occupational Employment and Wage Statistics surveys. 2026–2026 figures are current estimates, and 2027 values are projections, calculated using a 3.60% CAGR derived from 7-year BLS historical data. Actual salaries may vary based on employer, experience, certifications, and local market conditions.
Working as an Hourly Insurance Agent in Farmington
Understanding the financial implications of part-time work as an insurance agent can provide valuable insights for potential candidates in Farmington. An insurance agent working 24 hours a week might earn around $1,073 weekly, translating to an annual income of approximately $26,059 while maintaining a three-day work schedule. Nevertheless, per diem insurance agent pay in Farmington is generally less common, as the industry typically operates on a commission basis. While some professionals may pursue 1099 roles, it often leads to significant variances in income, especially as experts in risk management can command rates of $200 to $400 per hour. Furthermore, agents across different employer types experience wide-ranging hourly rates, as captive agents at single carrier firms usually earn less compared to their counterparts in large commercial brokerages, where higher compensation aligns with complex commercial lines. In negotiations, insurance agents may need to weigh the trade-off between higher hourly pay without benefits and the security of a captive model with a lower rate but health insurance coverage.
More salary data for Farmington, NM:
Frequently Asked Questions
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Written by Jordan Lee, MBA
Career Analyst
Jordan has over 10 years of experience in the insurance industry. He specializes in property and casualty insurance. He has worked in both agency and corporate settings.
Methodology & Data Source
Hourly wage figures on this page are 2026 projections based on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2026 release. A 3.60% compound annual growth rate (CAGR), derived from 6-year national BLS wage trends, was applied to estimate current 2026 hourly rates for insurance agents in Farmington. Part-time and full-time income estimates assume consistent weekly hours and do not account for overtime, benefits, or seasonal variation.
Data Sources & Methodology
Source: BLS, OEWS, 6-year dataset (–). Per-city data from annual BLS metropolitan area surveys.
2026 figures are projected from 2025 BLS data using a compound annual growth rate (CAGR) of 3.60%, derived from historical BLS wage trends for insurance agents (SOC 41-3021).
Compiled and verified by Jordan Lee, MBA, a licensed insurance agent with 10+ years of clinical experience. · View source data at BLS.gov