Cost of Living in Fairmont, MN
Population 10,348 · Minnesota · Data vintage 2023
(100 = US avg)
Fairmont is a smaller Minnesota community of around 10000 residents, where median household incomes of $59,228 and housing costs ($169,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape.
Geographically, Fairmont lies roughly 100 miles west of the nearest major metro, Rochester. Median home values run roughly 41% lower than Rochester's $288,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Fairmont
The median home value in Fairmont is $168,800 — 45% below the national median of $305,000. Median rent runs $717/month, 45% lower than the national median of $1,314/month. The median household income of $59,228/year is 21% lower than the US median of $74,580. The local unemployment rate is 4.1%, below the national average of 4.8%. Minnesota's top state income tax rate is 9.8% and the combined sales tax is 7.4%. Overall, Fairmont has a cost of living index of 55 versus the US average of 100, meaning it is 45% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Fairmont, MN?
Fairmont has a cost index of 55 (100 = national average). It is 45% below the national average.
What is average rent in Fairmont, MN?
The median gross rent in Fairmont is $717 per month based on 2023 Census data.
What is the average home price in Fairmont?
The median home value in Fairmont is $168,800 according to Zillow and Census data.
What is the median income in Fairmont?
The median household income in Fairmont is $59,228 per year (2023 ACS 5-year estimates).
What is the sales tax in Fairmont, MN?
The combined state and local sales tax rate in Fairmont is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Fairmont, MN affordable?
Yes, Fairmont is generally considered affordable, with a cost of living index of 55 — about 45% below the US national average of 100.
Fairmont at a Glance
- Population
- 10,348
- Median Income
- $59,228
- Home Value
- $168,800
- Median Rent
- $717/mo
- Unemployment
- 4.1%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
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