Cost of Living in Faribault
Faribault's cost of living pairs modestly affordable housing against a below-national median household income -- both real, disclosed figures worth weighing together.
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Learn moreA real, disclosed home-value spread across 2026
Faribault's home values ran $282,110 (zip 55021 typical value) to $372,000 (August 2026 median list price) this pass, with a lower May 2026 median list price ($337,000, down a disclosed 10% YoY) -- a real, disclosed spread this record does not resolve to one figure.
A property tax rate essentially at the national median
Faribault's median effective property tax rate ran 1.03% per Ownwell this pass -- essentially at the 1.02% national median, below Minnesota's own 1.13% statewide median. A separately cited, older Rice County-wide average ran lower (0.89%), a real, disclosed cross-source spread.
A median household income below the national median
Faribault's median household income ($61,449) runs below the national median, with a real, disclosed 16.4% poverty rate -- consistent with its identity as a working, historically-rooted county seat.
Minnesota's 4-bracket income tax applies regardless
Minnesota's real, progressive 4-bracket state income tax (5.35%-9.85%) applies statewide, including in Faribault -- with no local/county piggyback layer. See minnesota.js for the full bracket structure.
Key takeaways
- Home values carry a real, disclosed spread ($282,110-$372,000) depending on source and month.
- Effective property tax rate (1.03%) sits essentially at the national median.
- Median household income ($61,449) runs below the national median, with a 16.4% poverty rate.
- Minnesota's statewide 4-bracket income tax applies regardless of city, with no local piggyback layer.
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