Housing costs in Faribault?
A typical home costs
$256,800, which is 24.0% less expensive than the national average of
$338,100 and 17.0% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Faribault costs
$890 per month, which is 37.8% cheaper than the national average of
$1,430 and 39.3% cheaper than the state average of
$1,240.
Can I afford Faribault?
To live comfortably in Faribault, Minnesota, a minimum annual income of
$49,320 for a family, and
$26,800 for a single person is recommended.
What does A.I. say about Faribault?
Faribault is an affordable city to live in, with a cost of living that is 6.3% lower than the national average. Housing costs are particularly low, with a median home value of $162,100 compared to the national median of $231,200. Groceries and utilities are also below the national average, making it easy for residents to stretch their budgets. Other costs such as transportation and healthcare are similar to the national average. All in all, Faribault offers a quality lifestyle at an affordable cost.