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 92, with 100 being the average.
The cost of living index in Faribault is 0.9x lower than the national average.
Faribault ranks as the #18 cheapest in Minnesota out of 147.
Faribault ranks as the #1,974 cheapest out of 6,412 in the US.
The median home value in Faribault is $173,600.
The median income in Faribault is $55,229.
According to the most recent data on the cost of living, Faribault has an overall cost of living index of 92, which is 0.9x 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 95.
The standard of living in Faribault ranks as #18 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Faribault ranks as the #129 most expensive place in the North Star State.
For more reading on life in Faribault, check out:
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 95.
The Groceries index in Faribault is 102.
The Health index in Faribault is 122.
The Housing index in Faribault is 76.
The Transportation index in Faribault is 99.
The Utilities index in Faribault is 94.
|Living Expense||Faribault||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 Faribault is $173,600.
The Median Rent in Faribault is $973.
The Median Income in Faribault is $55,229.
The Home Value To Income in Faribault is 3.1x.
The Rent To Monthly Income in Faribault is 0.21x.
|Median Home Value||$173,600||$250,200||$244,900|
|Home Value To Income||3.1x||3.2x||3.5x|
|Rent To Monthly Income||0.21x||0.17x||0.2x|
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 116, 1.3x Faribault.
Eden Prairie, MN has a cost of living index of 121, 1.3x Faribault.
|City||Population||Cost Of Living||Vs. Faribault|
|Eden Prairie, MN||64,048||121||1.3x|
|Apple Valley, MN||55,237||112||1.2x|
|Golden Valley, MN||22,247||116||1.3x|
|Mendota Heights, MN||11,681||125||1.4x|