States › Minnesota › Fairmont

Is Fairmont, MN expensive to live in?

CheapRent takes 16 cents of every $1 people earn here.
🏠 Rent per month (2026)$77456% lower than U.S. average
💵 Families earn per year (2026)$57,251about $4,771/month · 34% lower than U.S. average
🔑 House price$169,90049% lower than U.S. average

Rent here is among the lowest 10% of all U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are short, about 13.1 minutes.

How much money do I need?

To rent here comfortably, you should earn about $30,960 a year. That is $15 an hour at a full-time job.

Is rent cheaper than other Minnesota cities?

Yes. Rent here is cheaper than in most of Minnesota. It is number 3 of 150 cities from cheapest to most expensive.

Fairmont
$774
Cambridge
$1,346
Hermantown
$2,412
Little Canada
$1,792
Detroit Lakes
$861
St. Anthony
$1,510
Arden Hills
$3,476

How much do households earn in Fairmont?

Under $25k
20.2%
$25k–50k
31.0%
$50k–100k
27.4%
$100k–150k
11.0%
$150k+
5.9%

Share of households by yearly income. 16.9% of households earn $100,000 or more.

Rent by apartment size in Fairmont

SizeFairmontU.S. average
1 bedroom$759$1,324
2 bedrooms$1,020$1,509
3 bedrooms$1,093$1,698

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Fairmont overall?

Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).

Housing
91
Goods (food, clothes…)
101
Utilities
91
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Fairmont, so the Minnesota figure is shown.

Taxes and bills in Fairmont

🏛️ Property tax$1,911a year · 1.12% of home value · U.S. $3,119
⚡ Electric bill$150a month (typical) · U.S. $156

Life in Fairmont

Commute to work13.1 minU.S.: 26.4 min
College degree25.7%U.S.: 35.7%
Own their home60.9%U.S.: 65.2%
Below poverty line15.3%U.S.: 12.5%
Unemployment3.1%U.S.: 5.2%

Is it cheaper to rent or buy in Fairmont?

Renting is cheaper right now: about $405 a month less.

Renting
$774
Owning
$1,179

Owning assumes a typical $169,900 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $16,990 for the down payment.

Frequently asked questions

What is the average rent in Fairmont, MN?

Renting in Fairmont costs a median of about $774 a month in 2026, including utilities. The Minnesota median is $1,525.

How much do I need to make to live in Fairmont?

To keep rent under 30% of income, you need about $30,960 a year, or $15 an hour at a full-time job.

Is Fairmont cheap or expensive?

Fairmont is rated Cheap: rent takes 16.2% of the typical household income of $57,251. It ranks 3rd cheapest of 150 Minnesota cities we track.

How much are property taxes in Fairmont?

The median homeowner in Fairmont pays $1,911 a year in property taxes, about 1.12% of the median home value.

Is Fairmont more expensive than the national average?

Overall prices in Minnesota are 1% below the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Fairmont?

The median home value in Fairmont is $169,900, about 3.0 times the typical yearly household income.

10,296 people live in Fairmont. Numbers are typical (middle) values.