Cost of Living in Faribault County, Minnesota

$837/mo

Median Monthly Rent

$120,200

Median Home Value

9% below state averageUnaffordable

At a Glance

Median Monthly Rent

$837/mo

9% below state average

Median Home Value

$120,200

57% below national

Rent-to-Income Ratio

25.0%

% of income spent on rent

Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)

Affordability Rating

Unaffordable

Rent over 50% of income

How Faribault County Compares

Median monthly rent comparison

Faribault County$837/mo

Minnesota Average$915/mo

National Median$1,163/mo

Detailed Housing Stats

$837/mo

Median Gross Rent

$120,200

Median Home Value

$826/mo

Monthly Owner Cost

25.0%

Rent-to-Income Ratio

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.

Affordability Calculator

See how your income compares to housing costs in Faribault County

Your Annual Household Income

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

Your rent-to-income ratio15.6%

Recommended max30.0%

Frequently Asked Questions

What is the cost of living in Faribault County, Minnesota?

Faribault County, Minnesota has a median monthly rent of $837/mo and a median home value of $120,200. The affordability rating is Unaffordable, with rent making up approximately 25.0% of median household income.

What is the median rent in Faribault County?

The median gross rent in Faribault County is $837/mo. This is 9% below state average for Minnesota.

Is Faribault County affordable?

Faribault County is rated Unaffordable based on rent-to-income ratio of 25.0%. Spending over 50% of income on rent is generally considered unaffordable.

How does Faribault County's rent compare to the state average?

Faribault County's median rent of $837/mo is 9% below state average of $915/mo for Minnesota.

What is the median home value in Faribault County?

The median home value in Faribault County, Minnesota is $120,200. This is 57% below the national median home value of $281,900.