Total monthly cost of ownership
Cost to Own a Home in Faribault, Minnesota
A $234,000 home here costs
$1,951per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $83,500 a year.
A standard mortgage calculator would have told you $1,276. The real number is $675 higher every month, 53% more than the payment most buyers budget for.
Compare Rice County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Faribault against Rice County and Minnesota
| Measure | Faribault | Rice County |
|---|---|---|
| Median home value | $233,900 | $298,500 |
| Median property tax | $2,258 | $2,899 |
| Effective tax rate | 0.965% | 0.971% |
| Median gross rent | $1,041 | $1,046 |
| Population | 24,458 | 67,389 |
The weather behind that power bill
Faribault sits in Rice County, which averages a high of 82.0°F in its hottest month and a low of 4.8°F in its coldest, with 35.45" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 589 cooling and 8,032 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Rice County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Rice County
Talk to someone who works this market
These are Faribault averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Faribault every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Faribault I already own here and may sell
Common questions
How much does it cost to own a home in Faribault?
A $234,000 home in Faribault, Minnesota costs approximately $1,951 per month with 20% down at 7.24%. That is $1,276 principal and interest, $188 property tax, $102 homeowners insurance, $190 utilities and $195 set aside for maintenance.
What is the property tax rate in Faribault?
Faribault has an effective property tax rate of 0.965%, based on a median home value of $233,900 and median real estate taxes of $2,258. That is in line with the Rice County average of 0.971%.
What is the average home price in Faribault?
The median owner-occupied home value in Faribault, Minnesota is $233,900, against $298,500 across Rice County.
Is it cheaper to rent or buy in Faribault?
Median gross rent in Faribault is $1,041 a month, against $1,951 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Faribault?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Faribault, Minnesota at today's rate takes a household income of roughly $83,500 a year. That covers the full $1,951 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Faribault, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Minnesota.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.