Cost of living in Fairmont research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Fairmont is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Minnesota, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Fairmont is 89, with 100 being the average.
The cost of living index in Fairmont is 0.9x lower than the national average.
Fairmont ranks as the #8 cheapest in Minnesota out of 147.
Fairmont ranks as the #1,460 cheapest out of 6,412 in the US.
The median home value in Fairmont is $137,700.
The median income in Fairmont is $52,975.
According to the most recent data on the cost of living, Fairmont has an overall cost of living index of 89, which is 0.9x lower than the national index of 100.
Compared to Minnesota, Fairmont has a cost of living index that's 0.9x lower than Minnesota's index of 95.
The standard of living in Fairmont ranks as #8 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Fairmont ranks as the #139 most expensive place in the North Star State.
For more reading on life in Fairmont, check out:
Six factors go into calculating the cost of living index in Fairmont. Here is how it fairs on each of the criteria:
The Services index in Fairmont is 96.
The Groceries index in Fairmont is 100.
The Health index in Fairmont is 122.
The Housing index in Fairmont is 63.
The Transportation index in Fairmont is 99.
The Utilities index in Fairmont is 97.
|Living Expense||Fairmont||Minnesota||National Average|
Housing swings affordability the most between places in Minnesota, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Fairmont is $137,700.
The Median Rent in Fairmont is $715.
The Median Income in Fairmont is $52,975.
The Home Value To Income in Fairmont is 2.6x.
The Rent To Monthly Income in Fairmont is 0.16x.
|Median Home Value||$137,700||$250,200||$244,900|
|Home Value To Income||2.6x||3.2x||3.5x|
|Rent To Monthly Income||0.16x||0.17x||0.2x|
The cost of living varies in the cities and towns around Fairmont. Here's a quick look at the cost of living in the most populous nearby places:
Mankato, MN has a cost of living index of 95, 1.1x Fairmont.
North Mankato, MN has a cost of living index of 96, 1.1x Fairmont.
New Ulm, MN has a cost of living index of 91, 1.0x Fairmont.