Faribault, Minnesota Income Statistics
Faribault Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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D
Faribault Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Faribault | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,953 | $89,852 | $80,455 |
| Median Personal Income | $50,348 | $67,028 | $60,758 |
| Average Yearly Income Growth | 3.1% | 4.4% | 4.8% |
| Six-Figure Earners | 6.5% | 15.1% | 13.9% |
| $200k+ Households | 4.2% | 13.8% | 13.2% |
The median household income in Faribault is about 30% lower than in Minnesota. Income has been growing slower in Faribault (3.1%/yr) than in Minnesota (4.4%/yr).
About 6% of adults in Faribault earn six figures ($100,000 or more) a year, lower than the Minnesota average of 15%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Faribault, Minnesota grew by 26.1% from 2009 to 2024, reaching $62,953 in 2024. That's an average of about 3.1% per year.
Income Inequality and the Gender Pay Gap in Faribault
| Metric | Faribault | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.522 | 0.507 | 0.552 |
| Male Median Income | $48,933 | $74,898 | $69,667 |
| Female Median Income | $54,301 | $62,922 | $56,850 |
| Gender Pay Gap | -11.0% | 16.0% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Faribault, it is 0.522, higher than Minnesota's 0.507, so income is less evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Women's income is about 11% more than men's income in Faribault, Minnesota. Over a 35-year career, a 11% wage gap accumulates to roughly $187,880 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Faribault, Minnesota has narrowed from about 16% to -11% in 2024. Over that period the gap was widest at 25% in 2014. In dollar terms, the gap has narrowed by $11,919 since 2009.
Employment
| Metric | Faribault | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.5% | 4.1% | 5.2% |
| Working from Home | 5.9% | 17.6% | 15.0% |
| Commute time (minutes) | 13 | 20 | 22 |
Approximately 554 people are unemployed in Faribault, Minnesota.
The average commute time in Faribault is 13 minutes, shorter than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Faribault, Minnesota has fallen from 10.5% to 5.5% in 2024. Over that period the rate peaked at 11.1% in 2013 and fell as low as 4.1% in 2017.
Conclusion
Considering all these factors, Faribault, Minnesota has an overall wealth index grade of D, making it somewhat worse than Minnesota, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Faribault, Minnesota.
How Rich Is Faribault, Minnesota?
Faribault has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $62,953, about 30% lower than the Minnesota average of $89,852.
How has median household income changed in Faribault, Minnesota?
Between 2009 and 2024, the median household income in Faribault, Minnesota rose 26%, from $49,927 to $62,953. Over the same years, income here lagged behind Minnesota as a whole: +26% against +57%.
What was the median household income in Faribault in 2023?
In 2023, the median household income in Faribault, Minnesota was $62,819, up 8% from $58,091 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Faribault in 2020?
In 2020, the median household income in Faribault, Minnesota was $56,607. By 2024 it had risen 11% to $62,953.
Is unemployment high in Faribault, Minnesota?
Unemployment in Faribault, Minnesota is 5.5%, well above the Minnesota rate of 4.1%, so job seekers may face more competition than elsewhere.
What is the Gini coefficient in Faribault, Minnesota?
The Gini coefficient in Faribault is 0.522. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Faribault, Minnesota?
Since 2009, the income gap between men and women in Faribault, Minnesota has narrowed from about 16% to -11% in 2024. Over that period the gap was widest at 25% in 2014. In dollar terms, the gap has narrowed by $11,919 since 2009.
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