Living in Faribault, Minnesota
Cost of living, income, home prices, rent and demographics of Faribault · Census data 2020–2024
Faribault has 24,631 residents with a median age of 38.7. The median household income is $61,449 (31% lower than the Minnesota median), the median home value is $241,500, the median rent is $1,074/month.
Faribault at a glance
- Population
- 24,631
- Median age
- 38.7State: 38.8
- Median household income
- $61,449State: $89,062
- Median home value
- $241,500State: $329,300
- Median rent
- $1,074/moState: $1,280
- Homeowners
- 66.1%
- Bachelor's degree or higher
- 17.6%
- Average commute
- 19 min
Is Faribault a good place to live?
Pros: Home values 27% lower than the state median; an average commute of 19 minutes.
Cons: Median household income 31% lower than the Minnesota median; unemployment of 5.4%; a poverty rate of 16.4%.
The weather is best in June to September.
Cost of living in Faribault
Housing is the biggest part of the cost of living. In Faribault the median home value is $241,500, 27% lower than the U.S. median. Renters pay a median of $1,074 per month, which is 32.7% of household income. Homeowners with a mortgage pay $1,581 a month in housing costs.
Faribault median household income
The median household income in Faribault is $61,449 and the income per person is $33,225. 16.4% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Faribault: homes for sale and rent
- Housing units
- 9,341
- Owner-occupied
- 66.1%
- Renter-occupied
- 33.9%
- Vacant
- 4.3%Includes seasonal homes
- Median year built
- 1974
- Average household size
- 2.48
Faribault demographics
- Population
- 24,631
- Median age
- 38.7
- Under 18
- 21.5%
- 65 and older
- 16.7%
- Households
- 8,938
- Foreign-born
- 14.9%
- Veterans
- 6.7%Adults 18+
Hispanic or Latino can be of any race. Population history of Faribault ›
Education in Faribault
17.6% of adults 25 and older in Faribault have a bachelor's degree or higher (Minnesota: 39.4%), and 6.1% have a graduate or professional degree.
Jobs and commute in Faribault
- Unemployment rate
- 5.4%State: 4.1%
- Average commute
- 19 minState: 23 min
- Work from home
- 5.9%
- Drive alone
- 71.1%
- Public transit
- 0.1%
- Walk to work
- 2.7%
- Homes with broadband
- 89.5%
Faribault vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Faribault | 24,631 | $61,449 | $241,500 | $1,074 |
| Warsaw | 560 | $93,750 | $301,500 | $825 |
| Medford | 1,257 | $108,250 | $249,600 | $1,175 |
| Dundas | 1,916 | $116,310 | $325,800 | $1,875 |
| Morristown | 1,265 | $83,059 | $184,800 | $1,018 |
| Nerstrand | 215 | $85,833 | $211,100 | $1,350 |
| Northfield | 20,742 | $84,895 | $329,400 | $1,103 |
| Lonsdale | 4,896 | $95,176 | $357,000 | $906 |
| Dennison | 223 | $55,000 | $211,400 | $1,750 |
More for people moving to Faribault
Faribault ZIP code ›Weather and climate ›Living in Faribault: FAQ
What is the median household income in Faribault, MN?
The median household income in Faribault is $61,449, 31% lower than the Minnesota median of $89,062 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Faribault?
The median home value in Faribault is $241,500, compared with $329,300 in Minnesota.
How much is rent in Faribault?
The median gross rent in Faribault is $1,074 per month, about 32.7% of household income.
Is Faribault, MN a good place to live?
Pluses: home values 27% lower than the state median; an average commute of 19 minutes. Minuses: median household income 31% lower than the Minnesota median; unemployment of 5.4%; a poverty rate of 16.4%.
What is the median age in Faribault?
The median age in Faribault is 38.7 years (Minnesota: 38.8).
How long is the commute in Faribault?
The average commute to work in Faribault is 19 minutes; 5.9% of workers work from home.
What is the unemployment rate in Faribault?
The unemployment rate in Faribault is 5.4% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Faribault?
17.6% of adults in Faribault have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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