States › Minnesota › Faribault

Is Faribault, MN expensive to live in?

OKRent takes 24 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,29826% lower than U.S. average
💵 Families earn per year (2026)$66,273about $5,523/month · 24% lower than U.S. average
🔑 House price$241,50027% lower than U.S. average

Rent is lower than in 69% of U.S. cities. A typical house costs about 3.6 years of household income. Commutes are short, about 19 minutes.

How much money do I need?

To rent here comfortably, you should earn about $51,920 a year. That is $25 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 42 of 150 cities from cheapest to most expensive.

Faribault
$1,298
White Bear Lake
$1,730
Farmington
$1,372
Chanhassen
$2,606
Winona
$1,002
Champlin
$1,809
Austin
$1,361

How much do households earn in Faribault?

Under $25k
17.3%
$25k–50k
24.6%
$50k–100k
30.2%
$100k–150k
17.8%
$150k+
4.5%

Share of households by yearly income. 22.2% of households earn $100,000 or more.

Rent by apartment size in Faribault

SizeFaribaultU.S. average
Studio$1,044$1,338
1 bedroom$840$1,324
2 bedrooms$1,167$1,509
3 bedrooms$1,536$1,698
4 bedrooms$1,769$2,098

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

How expensive is Faribault 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 Faribault, so the Minnesota figure is shown.

Taxes and bills in Faribault

🏛️ Property tax$2,316a year · 0.96% of home value · U.S. $3,119
⚡ Electric bill$154a month (typical) · U.S. $156

Life in Faribault

Commute to work19 minU.S.: 26.4 min
College degree17.6%U.S.: 35.7%
Own their home66.1%U.S.: 65.2%
Below poverty line16.4%U.S.: 12.5%
Unemployment5.4%U.S.: 5.2%

Is it cheaper to rent or buy in Faribault?

Renting is cheaper right now: about $378 a month less.

Renting
$1,298
Owning
$1,676

Owning assumes a typical $241,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $24,150 for the down payment.

Frequently asked questions

What is the average rent in Faribault, MN?

Renting in Faribault costs a median of about $1,298 a month in 2026, including utilities. The Minnesota median is $1,525.

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

To keep rent under 30% of income, you need about $51,920 a year, or $25 an hour at a full-time job.

Is Faribault cheap or expensive?

Faribault is rated OK: rent takes 23.5% of the typical household income of $66,273. It ranks 42nd cheapest of 150 Minnesota cities we track.

How much are property taxes in Faribault?

The median homeowner in Faribault pays $2,316 a year in property taxes, about 0.96% of the median home value.

Is Faribault 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 Faribault?

The median home value in Faribault is $241,500, about 3.6 times the typical yearly household income.

24,631 people live in Faribault. Numbers are typical (middle) values.