Faribault, Minnesota is a small city with a population of over 23,000. It's a great location for families and retirees looking for an affordable place to live as the cost of living is much lower than the US average. The 2 bedroom rent in Faribault is around $890 which is significantly less than the US average of $1,430. The Grocery Cost Index in Faribault is also relatively low compared to the US with its index at 98 versus 100. \nThere are many local companies located in Faribault such as Hawkins Manufacturing Company, John Deere Dubisar Implement Company, and Faribault Foods Incorporated. These businesses offer great employment opportunities for locals so that they can enjoy their quality of living without having to worry too much about expenses. All these factors make Faribault an attractive option for those looking for a more affordable place to live and work.
Faribault has an unemployment rate of 4.2%. The US average is 6.0%.
Faribault has seen the job market increase by 2.2% over the last year. Future job growth over the next ten years is predicted to be 37.9%, which is higher than the US average of 33.5%.
Tax Rates for Faribault
- The Sales Tax Rate for Faribault is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Faribault is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Faribault
- The average income of a Faribault resident is $22,774 a year. The US average is $28,555 a year.
- The Median household income of a Faribault resident is $55,229 a year. The US average is $69,021 a year.