Faribault, MN County is a great place to live for those on a budget. The cost of living is lower than the national average, with two-bedroom rental prices being $830 compared to a US average of $1,430. Prices at the grocery store are also lower in Faribault; the Grocery Cost Index in the county is 93 versus 100 in the US. With its many local attractions and affordable costs of living, Faribault has become an increasingly attractive city for those looking to relocate. There are several local companies that make up its vibrant economy, such as Faribault Foods Inc., MatsuMoto Financial Advisors LLC, and JT & Sons Auto Repair. There is something for everyone in this friendly Minnesota community!
Faribault County has an unemployment rate of 5.2%. The US average is 6.0%.
Faribault County has seen the job market decrease by -1.2% over the last year. Future job growth over the next ten years is predicted to be 21.7%, which is lower than the US average of 33.5%.
Tax Rates for Faribault County
- The Sales Tax Rate for Faribault County is 6.9%. The US average is 7.3%.
- The Income Tax Rate for Faribault County 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 County
- The average income of a Faribault County resident is $31,468 a year. The US average is $37,638 a year.
- The Median household income of a Faribault County resident is $55,186 a year. The US average is $69,021 a year.