Total monthly cost of ownership
Cost to Own a Home in Faribault, Minnesota
A $234,000 home here costs
$1,908per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,203. The real number is $705 higher every month — 59% more than the payment most buyers budget for.
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 $152 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
Common questions
How much does it cost to own a home in Faribault?
A $234,000 home in Faribault, Minnesota costs approximately $1,908 per month with 20% down at 6.66%. That is $1,203 principal and interest, $188 property tax, $102 homeowners insurance, $220 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 $1,908 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.