Faribault, Minnesota Housing Market Prices
Faribault Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 5% below the Minnesota median$224,931
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Median rent 14% below the Minnesota median$1,102
Housing Market Overview
| Metric | Faribault | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $224,931 | $236,718 | $248,835 |
| Price Trend (Annual %) | 6.1% | 6.6% | 7.5% |
| Median Gross Rent | $1,102 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 5.4% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Faribault is about 5% lower than in Minnesota. Rent is about 14% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Faribault, up about 6.1% and 5.4% a year respectively. Home prices are changing faster.
Median rent in Faribault rose about 59.1% between 2015 and 2024, from $693 to $1,102. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Faribault.
Buying the median-priced home in Faribault costs roughly 17.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Faribault. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Faribault | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $224,931 | $236,718 | $248,835 |
| Median Household Income | $62,953 | $89,852 | $80,455 |
| Price-to-Income Ratio | 3.6 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Faribault rose about 77.0%, while median household income rose about 16.3% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Faribault | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.8% | 65.5% | 58.5% |
| Rental Rate | 32.2% | 25.2% | 31.2% |
| Vacancy Rate | 4.1% | 9.3% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Faribault has a homeownership rate of 63.8%, lower than the Minnesota average of 65.5%. Its housing vacancy rate is 4.1%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Faribault | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1969 | 1976 | 1978 |
| Median Number of Rooms | 5.9 | 6.1 | 5.5 |
The typical housing unit in Faribault was built around 1969. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Faribault, Minnesota.
What is the median home price in Faribault, Minnesota?
The median home price in Faribault, Minnesota is $224,931, lower than the Minnesota average of $236,718.
What is the average home price in Faribault, Minnesota?
The typical home price in Faribault, Minnesota, reported as the median sale price, is $224,931. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Faribault, Minnesota?
The median gross rent in Faribault, Minnesota is $1,102 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Faribault in 2020?
In 2020, the median gross rent in Faribault, Minnesota was $930 per month.
What is the price-to-rent ratio in Faribault, Minnesota?
The price-to-rent ratio in Faribault, Minnesota is about 17.0, meaning it would take roughly 17.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Faribault.
Are home prices or rent rising faster in Faribault, Minnesota?
Both home prices and rent are rising in Faribault, up about 6.1% and 5.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Faribault, Minnesota?
63.8% of households in Faribault, Minnesota own their home, lower than the Minnesota average of 65.5%.
What is the vacancy rate in Faribault, Minnesota?
The housing vacancy rate in Faribault, Minnesota is 4.1%, lower than the Minnesota average of 9.3%.
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