The typical owner-occupied home in Faribault is worth about $241,500, 27% below the Minnesota median of $329,300 and 27% below the national median of $332,700. Owners pay a median $2,316 a year in property taxes, about 0.96% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $61,449 a year, so the median home costs 3.9 times the median income (3.7 times for Minnesota). 66% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Faribault at a glance
| Faribault | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $241,500 | $329,300 | $332,700 |
| Median property tax paid per year | $2,316 | $3,357 | $3,119 |
| Property tax as a share of value | 0.96% | 1.02% | 0.94% |
| Median household income | $61,449 | $89,062 | $80,734 |
| Homes lived in by their owners | 66% | 72% | 65% |
| Owner homes with a mortgage | 59% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,581 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 20.6% | 19.7% | 21.0% |
| Median rent | $1,074 | $1,280 | $1,413 |
| Rent as a share of renters' income | 32.7% | 29.2% | 30.6% |
| Median year homes were built | 1974 | 1979 | 1980 |
| Vacant homes | 4.3% | 9.3% | 10.1% |
| Population | 24,631 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Faribault
At this week's average 30-year rate of 7.11%, buying the median Faribault home of $241,500 with 20% down costs about $1,594 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,996, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $68,293 for the 20%-down payment. That payment is 31% of the median Faribault household income of $61,449; at that income and 20% down, the 28% guideline points to a home of about $217,000.
The median rent here is $1,074 a month, so owning the median home costs about $520 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $48,300 |
|---|---|
| Loan amount | $193,200 |
| Principal and interest | $1,300 |
| Property taxes (0.96% a year) | $193 |
| Homeowners insurance (our estimate, 0.5% a year) | $101 |
| PMI | $0 |
| Total per month | $1,594 |
Change the numbers in the calculator
| Down payment | $8,452 |
|---|---|
| Loan amount | $237,126 |
| Principal and interest | $1,595 |
| Property taxes (0.96% a year) | $193 |
| Homeowners insurance (our estimate, 0.5% a year) | $101 |
| FHA mortgage insurance | $107 |
| Total per month | $1,996 |
Change the numbers in the calculator
Questions about home buying in Faribault
What is the median home value in Faribault?
About $241,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Faribault?
Homeowners pay a median $2,316 a year, which is about 0.96% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Faribault?
For the median home with 20% down at 7.11%, the payment is about $1,594 a month. Keeping that under 28% of gross income takes about $68,293 a year.
More about Faribault
- Mortgage Refinance in Faribault
- Debt Relief in Faribault
- Home Equity Loans in Faribault
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data