| Index | Fairmont | Minnesota | National |
| Cost of living | 92 | 100 | 100 |
| Groceries | 100 | 100 | 100 |
| Health care | 101 | 100 | 100 |
| Housing | 72 | 100 | 100 |
| Transportation | 97 | 100 | 100 |
| Utilities | 106 | 104 | 100 |
| Lifestyle & Entertainment | 99 | 100 | 100 |
| Household Items | 97 | 100 | 100 |
| Education & Childcare | 104 | 99 | 100 |
Knowing the cost of living in Fairmont allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Fairmont stands at 92, marking it 8% lower than the national average.
In Fairmont, daily expenses such as food, housing, lifestyle expenses, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Fairmont will resemble that of an average city, contributing to a manageable cost of living.
Locals have the inside scoop on their city. So, we polled 7 residents in Fairmont to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 86% find it reasonable with decreasing prices, but 14% think it's quite pricey, with prices that continue to rise.
Is Fairmont affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Fairmont, the median home price is 26.2% lower than the national average and monthly rent prices are 33.4% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Fairmont boasting a median household income of $73,175, 10% lower than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Fairmont, the baseline sales tax rate begins at 6.875%, and income tax rates start at 5.35%.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Fairmont, is 28.4% lower than the national average.
The Fairmont cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $105,833 | $8,819 | $2,469 | $3,175 |
| Renters | $44,572 | $3,714 | $1,040 | $1,337 |
| State | General Sales Tax | With Max Surtax |
| Minnesota | 6.875% | 7.875% |
| State | Income Tax (Low) | Income Tax (High) |
| Minnesota | 5.35% | 9.85% |
| City | Population | Cost of Living Index | National Avg. |
| Ormsby, MN | 109 | 79 | 21.3% |
| Ceylon, MN | 305 | 79 | 20.5% |
| Dolliver, IA | 72 | 80 | 20.4% |
| Granada, MN | 237 | 82 | 17.6% |
| Trimont, MN | 779 | 84 | 16.4% |
| Fairmont, MN | 10,438 | 92 | 8.2% |
| City | Population | Cost of Living Index | National Avg. |
| Bernalillo, NM | 10,437 | 95 | 5.4% |
| Elizabethtown-Kitley, ON | 10,437 | n/a | |
| Ponoka County, AB | 10,437 | n/a | |
| Whitecourt, AB | 10,433 | n/a | |
| Shasta Lake, CA | 10,443 | 116 | 16.2% |
| Fairmont, MN | 10,438 | 92 | 8.2% |
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