| Index | Faribault | Minnesota | National |
| Cost of living | 98 | 100 | 100 |
| Groceries | 102 | 100 | 100 |
| Health care | 99 | 100 | 100 |
| Housing | 93 | 100 | 100 |
| Transportation | 98 | 100 | 100 |
| Utilities | 102 | 104 | 100 |
| Lifestyle & Entertainment | 95 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 103 | 99 | 100 |
Getting a feel for the cost of living in Faribault is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Faribault is 98, which is 2% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Everyday expenditures like food, housing, lifestyle expenses, transportation and health care in Faribault are priced in a manner consistent with other areas. This means that residents of Faribault can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Is Faribault affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Faribault, for instance, where the median home price falls 8% lower than the national average, and monthly rent rates are 5.1% lower than usual. Additionally, median income levels contribute to the equation, with Faribault flaunting a median household income of $81,911, 0.7% higher than the national norm.
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.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Faribault, the groceries index is 1.5% higher than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Faribault, the transportation index is 2.3% lower than the national average.
The Faribault cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as 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 | $112,548 | $9,379 | $2,626 | $3,377 |
| Renters | $42,050 | $3,504 | $981 | $1,262 |
| 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. |
| Kilkenny, MN | 123 | 93 | 7.5% |
| Waterville, MN | 1,898 | 93 | 7.0% |
| Waseca, MN | 9,195 | 93 | 7.0% |
| Morristown, MN | 980 | 93 | 6.7% |
| Kenyon, MN | 1,935 | 93 | 7.0% |
| Faribault, MN | 24,714 | 98 | 2.2% |
| City | Population | Cost of Living Index | National Avg. |
| Waverly, MI | 24,722 | 98 | 2.0% |
| Fort Dodge, IA | 24,700 | 84 | 15.7% |
| Rosemont, CA | 24,690 | 132 | 32.2% |
| Chantilly, VA | 24,744 | 150 | 49.5% |
| Grande Prairie County No. 1, AB | 24,756 | n/a | |
| Faribault, MN | 24,714 | 98 | 2.2% |
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