Faribault County, Minnesota Housing Market Prices
Faribault County 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 54% below the Minnesota median Cheaper than 78% of counties in Minnesota$110,000
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Median rent 38% below the Minnesota median Cheaper than 72% of counties in Minnesota$798
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Faribault County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $110,000 | $236,718 | $248,835 |
| Price Trend (Annual %) | 6.7% | 6.6% | 7.5% |
| Median Gross Rent | $798 | $1,280 | $1,407 |
| Rent Trend (Annual %) | 4.7% | 4.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Faribault County is about 54% lower than in Minnesota. Rent is about 38% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Faribault County, up about 6.7% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Faribault County rose about 48.6% between 2015 and 2024, from $537 to $798. Over the same span, rent in Minnesota rose about 51.1%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Faribault County.
Buying the median-priced home in Faribault County costs roughly 11.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Faribault County. The price-to-rent ratio in Minnesota is about 15.4.
| Metric | Faribault County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $110,000 | $236,718 | $248,835 |
| Median Household Income | $67,234 | $89,852 | $80,455 |
| Price-to-Income Ratio | 1.6 | 2.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Faribault County rose about 50.4%, while median household income rose about 58.0% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Faribault County | Minnesota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.8% | 65.5% | 58.5% |
| Rental Rate | 18.3% | 25.2% | 31.2% |
| Vacancy Rate | 11.9% | 9.3% | 10.2% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Faribault County has a homeownership rate of 69.8%, higher than the Minnesota average of 65.5%. Its housing vacancy rate is 11.9%, compared with 9.3% in Minnesota.
Housing Stock
| Metric | Faribault County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1951 | 1976 | 1978 |
| Median Number of Rooms | 6.5 | 6.1 | 5.5 |
The typical housing unit in Faribault County was built around 1951. On average, 2.2 people live in a home with about 6.5 rooms, staying for about 19.0 years on average.
Faribault County, MN Housing Compared With Nearby Counties
How Faribault County, MN compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Faribault County, MN | 13,914 | $110,000 #3/3 | $798 #3/3 | 79.2% #2/3 |
| Blue Earth County, MN | 69,837 | $195,031 | $1,123 | 61.4% |
| Freeborn County, MN | 30,623 | $135,869 | $848 | 79.5% |
Frequently Asked Questions
Common questions about the housing market in Faribault County, Minnesota.
What is the median home price in Faribault County, Minnesota?
The median home price in Faribault County, Minnesota is $110,000, lower than the Minnesota average of $236,718.
What is the average home price in Faribault County, Minnesota?
The typical home price in Faribault County, Minnesota, reported as the median sale price, is $110,000. 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 County, Minnesota?
The median gross rent in Faribault County, Minnesota is $798 per month, lower than the Minnesota average of $1,280.
What was the median gross rent in Faribault County in 2020?
In 2020, the median gross rent in Faribault County, Minnesota was $629 per month.
What is the price-to-rent ratio in Faribault County, Minnesota?
The price-to-rent ratio in Faribault County, Minnesota is about 11.5, meaning it would take roughly 11.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Faribault County.
Are home prices or rent rising faster in Faribault County, Minnesota?
Both home prices and rent are rising in Faribault County, up about 6.7% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Faribault County, Minnesota?
69.8% of households in Faribault County, Minnesota own their home, higher than the Minnesota average of 65.5%.
What is the vacancy rate in Faribault County, Minnesota?
The housing vacancy rate in Faribault County, Minnesota is 11.9%, higher than the Minnesota average of 9.3%.
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