Faribault, Minnesota is a city located in Rice County with an approximate population of 23,352. The 2 bedroom rent for the area is $880, which is much lower than the US average of $1,430. In addition, the grocery cost index for Faribault is 98 compared to 100 in the US. There are several local companies in Faribault that contribute to its economy including Faribo Westward Co., Hamilton Industries Inc., North American Logistics Corporation and Baisch Engineering Corp. These companies offer employment opportunities to residents and support the local economy.
Faribault (zip 55021) has an unemployment rate of 4.2%. The US average is 6.0%.
Faribault (zip 55021) has seen the job market decrease 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 (zip 55021)
- The Sales Tax Rate for Faribault (zip 55021) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Faribault (zip 55021) 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 (zip 55021)
- The average income of a Faribault (zip 55021) resident is $31,295 a year. The US average is $37,638 a year.
- The Median household income of a Faribault (zip 55021) resident is $63,340 a year. The US average is $69,021 a year.