Faribault, MN Cost Of Living
Cost Of Living In Faribault, MN Summary
Cost of living in Faribault 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 Faribault 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 Faribault is 96, with 100 being the average.
The cost of living index in Faribault is 1.0x lower than the national average.
Faribault ranks as the #24 cheapest in Minnesota out of 148.
Faribault ranks as the #2,104 cheapest out of 6,489 in the US.
The median home value in Faribault is $302,852.
The median income in Faribault is $61,662.
Table Of Contents
Faribault's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Faribault, MN?
According to the most recent data on the cost of living, Faribault has an overall cost of living index of 96, which is 1.0x lower than the national index of 100.
Compared to Minnesota, Faribault has a cost of living index that's 1.0x lower than Minnesota's index of 97.
The standard of living in Faribault ranks as #24 most affordable out of the 148 places we measured in Minnesota. By definition, that implies Faribault ranks as the #124 most expensive place in the North Star State.
For more reading on life in Faribault, check out:
In Minnesota
In America
Faribault Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Faribault. Here is how it fairs on each of the criteria:
The Services index in Faribault is 96.
The Groceries index in Faribault is 100.
The Health index in Faribault is 113.
The Housing index in Faribault is 92.
The Transportation index in Faribault is 94.
The Utilities index in Faribault is 90.
| Living Expense | Faribault | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 96 | 97 | 100 | |
| Services | 96 | 101 | 100 | |
| Groceries | 100 | 99 | 100 | |
| Health | 113 | 110 | 100 | |
| Housing | 92 | 100 | 100 | |
| Transportation | 94 | 95 | 100 | |
| Utilities | 90 | 94 | 100 | |
Faribault, MN Housing Cost Breakdown
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 2019-2023. The key points are:
The Median Home Value in Faribault is $302,852.
The Median Rent in Faribault is $1,041.
The Median Income in Faribault is $61,662.
The Home Value To Income in Faribault is 4.9x.
The Rent To Monthly Income in Faribault is 0.2x.
Median Home Value
Median Rent
Median Income
Faribault, MN Costs By Category
Detailed Faribault Services Costs Vs. Minnesota
Detailed Faribault Groceries Costs Vs. Minnesota
Detailed Faribault Health Costs Vs. Minnesota
Detailed Faribault Transportation Costs Vs. Minnesota
Detailed Faribault Utilities Costs Vs. Minnesota
Faribault SnackAbility
/10
Cost Of Living In Cities Around Faribault
The cost of living varies in the cities and towns around Faribault. Here's a quick look at the cost of living in the most populous nearby places:
Woodbury, MN has a cost of living index of 122, 1.3x Faribault.
Lakeville, MN has a cost of living index of 119, 1.2x Faribault.
Eden Prairie, MN has a cost of living index of 124, 1.3x Faribault.
| City | Population | Cost Of Living | Vs. Faribault |
|---|---|---|---|
| Woodbury, MN | 76,945 | 122 | 1.3x |
| Lakeville, MN | 72,480 | 119 | 1.2x |
| Eden Prairie, MN | 63,249 | 124 | 1.3x |
| Apple Valley, MN | 55,696 | 111 | 1.2x |
| Minnetonka, MN | 53,256 | 120 | 1.2x |
| Edina, MN | 53,125 | 139 | 1.4x |
| Owatonna, MN | 26,462 | 96 | 1.0x |
| Golden Valley, MN | 21,927 | 118 | 1.2x |
| Northfield, MN | 20,678 | 101 | 1.1x |
| Mendota Heights, MN | 11,644 | 122 | 1.3x |
