Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Faribault County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $105,833 | $243,729 | $242,182 |
| Price Trend (Annual %) | 7.1% | 7.9% | 8.2% |
| Median Gross Rent | $837 | $1,234 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Faribault County is about 57% lower than in Minnesota. Rent is about 32% lower than the Minnesota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Faribault County, up about 7.1% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Faribault County rose about 55.8% between 2015 and 2023, from $537 to $837. Over the same span, rent in Minnesota rose about 45.7%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Faribault County.
Buying the median-priced home in Faribault County costs roughly 10.5 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 16.5.
| Metric | Faribault County | Minnesota Avg | US Average |
|---|---|---|---|
| Median Home Price | $105,833 | $243,729 | $242,182 |
| Median Household Income | $63,662 | $88,383 | $78,145 |
| Price-to-Income Ratio | 1.7 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Faribault County rose about 44.7%, while median household income rose about 57.2% between 2009 and 2023 — 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 | 69.6% | 65.6% | 58.2% |
| Rental Rate | 19.6% | 25.0% | 31.3% |
| Vacancy Rate | 10.9% | 9.4% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Faribault County has a homeownership rate of 69.6%, higher than the Minnesota average of 65.6%. Its housing vacancy rate is 10.9%, compared with 9.4% in Minnesota.
Housing Stock
| Metric | Faribault County | Minnesota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.44 people | 2.54 people |
| Median Structure Built Year | 1950 | 1976 | 1978 |
| Median Number of Rooms | 6.5 | 6.1 | 5.5 |
The typical housing unit in Faribault County was built around 1950. On average, 2.2 people live in a home with about 6.5 rooms, staying for about 19.0 years on average.
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 $105,833, lower than the Minnesota average of $243,729.
What is the average home price in Faribault County, Minnesota?
The typical home price in %s, reported as the median sale price, is %s. 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 $837 per month, lower than the Minnesota average of $1,234.
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 10.5, meaning it would take roughly 10.5 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 7.1% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Faribault County, Minnesota?
69.6% of households in Faribault County, Minnesota own their home, higher than the Minnesota average of 65.6%.
What is the vacancy rate in Faribault County, Minnesota?
The housing vacancy rate in Faribault County, Minnesota is 10.9%, higher than the Minnesota average of 9.4%.