Housing costs in Fairmont?
A typical home costs
$144,800, which is 57.2% less expensive than the national average of
$338,100 and 53.2% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Fairmont costs
$830 per month, which is 42.0% cheaper than the national average of
$1,430 and 49.4% cheaper than the state average of
$1,240.
Can I afford Fairmont?
To live comfortably in Fairmont, Minnesota, a minimum annual income of
$27,720 for a family, and
$25,200 for a single person is recommended.
What does A.I. say about Fairmont?
The cost of living in Fairmont, MN is relatively low compared to the national average. The overall cost of living index in Fairmont is 7% lower than the United States average. Housing prices are especially affordable, with median home prices around $90,000 and rental costs averaging around $700 per month for a one-bedroom apartment. Other expenses such as food, transportation, health care, and entertainment are also quite affordable. That said, taxes tend to be higher than in some other parts of Minnesota due to the city's location near the Iowa border. All things considered, though, Fairmont provides an affordable quality of life for those looking for a small town lifestyle at a reasonable price.