Cost of Living in Faribault, MN
Housing
The housing market plays a significant role in determining the cost of living in Faribault, MN.
- Housing Index: 85.0 / 100
- Median Home Price is: $226,000
- Average Rent (2 BR Apartment): $1200 per month
- Average Rent (2 BR House): $1280 per month
When considering a move to Faribault, MN, it’s important to note the attractive housing index of 85.0, indicating it’s more affordable than many other areas. The median home price of 226000 suggests a relatively low entry point for homeownership. Additionally, the average rent for a 2-bedroom apartment at 1200 and a house at 1280 shows diverse rental opportunities to suit different budgets. This signifies a manageable cost of living while also allowing for potential growth in property value.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Faribault, MN.
- Electricity Price: $16.38 USD (median by state)
- Natural Gas Price: $14.87 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Faribault, MN could entail higher utility costs. Electricity costs sit at $16.38, while natural gas is priced at $14.87 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Faribault is a financially viable option for your relocation.