Quick facts: Faribault, MN

Quick Facts

102.8
Cost of Living
above US average
24,518
Population
22.39
Crime Rate per 1000
below US average
$58,881
Median Income
below US average
$289,900
Median House Price
above US average
$1293.63
Average Rent
below US average
8%
Poverty Rate
below US average
3.2%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $58,881.

🏠

Income Needed to Buy

βœ— Stretch
$91k/year
Based on $289,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $91k vs median $58,881
🏒

Income Needed to Rent

βœ“ Affordable
$55k/year
Based on $1293.63/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($58,881) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Faribault, MN

Faribault, Minnesota, is a charming city located in Rice County, positioned roughly 50 miles south of the Twin Cities. With a population of approximately 23,000 residents, it boasts a rich history and a vibrant community atmosphere. The city is a hub for culture and heritage, known for its historic downtown district featuring well-preserved 19th-century buildings and a blend of local shops, eateries, and services. Faribault is surrounded by picturesque landscapes, including beautiful parks and the scenic Cannon River, which offers recreational opportunities such as fishing, kayaking, and biking along the trails. The city is also home to several annual events, including the Faribault Heritage Days, which celebrate local culture and community spirit. Notably, Faribault is recognized for its strong educational institutions and has a commitment to arts and culture, including the renowned Faribault Woolen Mill, one of the oldest woolen mills in the U.S. This vibrant city combines small-town charm with a rich tapestry of history and modern amenities, making it a great place to live, work, and explore.

πŸ” Search & Compare Places

First Location πŸ“