Cost of Living in Faribault County, Minnesota
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Faribault County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Faribault County ranks #448 of 3,144 counties for affordability (top 14%)
Data Story
About Cost of Living in Faribault County, Minnesota
Faribault's affordability challenges modest incomes
At 15.6%, Faribault County's rent-to-income ratio exceeds the national average, with renters stretched by a median income of only $64,391—$10,364 below the national median. The $837 median rent, while modest in absolute terms, consumes a notably larger share of earnings here.
Faribault struggles among Minnesota peers
Faribault County's 15.6% rent-to-income ratio ranks among Minnesota's worst, sitting well above the state average of 14.5% despite modest $837 rents. The county's lower median income of $64,391 is the primary driver, making housing less affordable relative to earnings.
Southern Minnesota's affordability challenge
Faribault's 15.6% rent-to-income ratio trails nearby Dodge County (13.0%) and Freeborn County (14.6%), despite comparable rent levels of $837. The gap reflects Faribault's lower median income ($64,391 vs. $92,943 in Dodge), compressing housing affordability.
15.6% of income claimed by rent costs
Renters dedicate $837 monthly while homeowners spend $826 on a modest $64,391 median income, consuming 15.6% and 15.4% respectively. Notably, owner costs run lower than rents—a rare situation suggesting accessible homeownership for those who can qualify.
Faribault suits buyers over renters
If you're ready to buy, Faribault County offers exceptional value with a $120,200 median home and $826 monthly costs—cheaper than renting. Renters should compare this to nearby Fillmore or Dodge, where rent-to-income ratios run lower on similar incomes.
Cost of Living Advisory: Faribault County
Affordability Verdict
For renters in Faribault County, the market is affordable. Expect to pay around $837/month in gross rent, with 25.0% of renter households considered cost-burdened.
Rent vs. Own
The median rent in Faribault County is $837/month, while owner costs run $826/month. Owning saves approximately $11/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $33,480/year. For owner costs at the 28% rule, the required income is roughly $35,400/year. With a median household income of $64,391, most households can comfortably afford rent here. Notably, 25.0% of renter households in Faribault County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Cass County where rent averages $889/month, Faribault County is approximately 6% less expensive.
Affordability Calculator
See how your income compares to housing costs in Faribault County
Rent Burden
15.6%
of gross income
Max Housing (28% Rule)
$1,502
per month
Owner Cost Burden
15.4%
of gross income
You can likely afford the median home in Faribault County
Median home value is $120,200. Estimated monthly cost: $960 vs. your max of $1,502.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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