Cost of Living in Faribault, MN
Population 24,458 · Minnesota · Data vintage 2023
(100 = US avg)
Faribault sits on the smaller end of the Minnesota city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible.
Located 45 miles west of Rochester, Faribault falls within that metro's commuting orbit. Median home values run roughly 19% lower than Rochester's $288,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Faribault
The median home value in Faribault is $233,900 — 23% below the national median of $305,000. Median rent runs $1,041/month, 21% lower than the national median of $1,314/month. The median household income of $61,662/year is 17% lower than the US median of $74,580. The local unemployment rate is 5.7%, above 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, Faribault has a cost of living index of 78 versus the US average of 100, meaning it is 22% 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 Faribault, MN?
Faribault has a cost index of 78 (100 = national average). It is 22% below the national average.
What is average rent in Faribault, MN?
The median gross rent in Faribault is $1,041 per month based on 2023 Census data.
What is the average home price in Faribault?
The median home value in Faribault is $233,900 according to Zillow and Census data.
What is the median income in Faribault?
The median household income in Faribault is $61,662 per year (2023 ACS 5-year estimates).
What is the sales tax in Faribault, MN?
The combined state and local sales tax rate in Faribault is 7.4%. The Minnesota state income tax top rate is 9.8%.
Is Faribault, MN affordable?
Yes, Faribault is generally considered affordable, with a cost of living index of 78 — about 22% below the US national average of 100.
Faribault at a Glance
- Population
- 24,458
- Median Income
- $61,662
- Home Value
- $233,900
- Median Rent
- $1,041/mo
- Unemployment
- 5.7%
- Sales Tax
- 7.4%
Nearby Cities
Explore county-level cost of living data
Minnesota Rankings
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