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Cost of Living in Faribault County

Is it better to rent or buy in Faribault County? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$67,082
$851/mo

Median in area: $851

$136,815

Median in area: $136,815

$27,363

If you Rent

🔑
$1,155 /mo
Base Rent$851
Est. Utilities$304
% of Income20.7%
Pre-tax Residual$4,435

If you Buy

🏠
$1,265 /mo
P&I (7.3%)$750
Taxes & Ins$211
Est. Utilities$304
% of Income22.6%
Pre-tax Residual$4,325

Compare Nearby Areas

See how Faribault County stacks up against neighboring areas.

countyKossuth County, IA
$782/mo
countyWinnebago County, IA
$702/mo
countyBlue Earth County, MN
$1,152/mo
countyMartin County, MN
$832/mo
countyFreeborn County, MN
$904/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Faribault County?›

Based on median housing data, renting is currently more affordable on a monthly basis in Faribault County. The estimated all-in monthly cost for renting is $1,155, while owning a median-priced home with a 20% down payment is roughly $1,265 per month (a difference of $110).

How much do utilities cost in Faribault County?›

The average monthly utility cost (electricity and natural gas) for a typical home in Faribault County is approximately $304. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Faribault County?›

To comfortably afford the median rent and utilities in Faribault County without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $46,200 per year.