Faribault renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in the purple and dark green areas.
Rental Price Key
Luxury
High-end
Mid-tier
Most affordable
On average, the cost of rent in Faribault is about $1,114 per month. This puts it in the 80th percentile compared to the state average cost of rent, which is $1,235. Households in Faribault have a median income of $5,037 per month so the average renter in Faribault is spending roughly 22% of their earnings on housing.
Nationally, and in Faribault, home values are the data point most closely correlated with the cost of rent. The median price of a home in Faribault is $242,898 right now, which is lower than cities nearby, meaning that rents in Faribault also tend to be lower versus these nearby cities.
Higher rent prices are common in the northeastern parts of Faribault while lower rent rates are often available in southern areas.
Nearby Cities
- Prairieville, MN: less expensive rent prices
- Warsaw, MN: more expensive rent prices
- Shieldsville, MN: less expensive rent prices
- Ruskin, MN: more expensive rent prices
- Medford, MN: less expensive rent prices
- Dundas, MN: more expensive rent prices
- Morristown, MN: less expensive rent prices
- Millersburg, MN: less expensive rent prices
- Nerstrand, MN: more expensive rent prices
- Merton, MN: more expensive rent prices
Cities with Similar Populations
- Melrose, MA: more expensive rent prices
- Stillwater, MN: more expensive rent prices
- Corbin, KY: less expensive rent prices
- Barberton, OH: less expensive rent prices
- French Valley, CA: more expensive rent prices
- West Roxbury, MA: more expensive rent prices
- Mason City, IA: less expensive rent prices
- Marion, NC: less expensive rent prices
- Hixson, TN: more expensive rent prices
- Vestal, NY: more expensive rent prices
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