Fairmont, MN
Population 10,348 · Minnesota
About Fairmont, MN
Fairmont is a mid-sized city located in Minnesota with a population of 10,348 residents according to the latest US Census Bureau American Community Survey data. The median household income is $59,228 per year, which is 21% below the national median of $75,149. The median age of 46.5 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Fairmont features a median home value of $168,800, which is 31% below the national median of $244,900. This positions Fairmont in a moderately priced market relative to the rest of the country. Median monthly rent is $717, 38% below the national average of $1,163/month. Of the 5,112 total housing units, 66% are owner-occupied (3,153 units) and 34% are renter-occupied (1,638 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Fairmont shows an unemployment rate of 4.1%, which is near the national rate of 3.7%. The poverty rate stands at 12.4%, above the national average of 12.4%. Workers in Fairmont have an average one-way commute time of 15.2 minutes, one of the shorter commutes in the region.
Education & Demographics
26.1% of Fairmont residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 7.5% White, 0.8% Hispanic or Latino, 0.0% Black or African American, and 1.6% Asian residents, with 3.5% of the population being foreign-born.
Cost of Living in Fairmont, MN
Compared to national averages, Fairmont has a median household income of $59,228 (21% below the national median of $75,149). Home values average $168,800, which is 31% below the national median. Monthly rent at $717 is 38% below the US average of $1,163. Within Minnesota, Fairmont's income is 20% below the state average of $74,221, and home values are 17% below the state median of $204,472.
Why Live in Fairmont, MN?
Fairmont offers affordable housing with a median home value of $168,800, below the US average of $244,900, and rent that’s lower than the national average at $717/month, and short commute times averaging just 15.2 minutes.
Potential considerations include median household income ($59,228) that falls below the national average. However, Fairmont’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Fairmont has a population of 10,348 with a median age of 46.5 years. Compare Fairmont with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Fairmont
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Hermantown | 10,192 | $92,026 | $374,000 | Compare |
| Little Canada | 10,546 | $71,370 | $302,600 | Compare |
| Detroit Lakes | 10,002 | $62,123 | $246,200 | Compare |
| Cambridge | 9,992 | $67,632 | $234,800 | Compare |
| Arden Hills | 9,737 | $128,668 | $423,800 | Compare |
| Victoria | 10,972 | $192,821 | $572,800 | Compare |
| St. Anthony city (Hennepin and Ramsey Counties), Minnesota | 9,516 | $97,784 | $365,700 | Compare |
| North Branch | 11,182 | $90,383 | $290,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Fairmont With Other Cities
Frequently Asked Questions about Fairmont
What is the population of Fairmont, MN?
The population of Fairmont, MN is 10,348 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Minnesota.
What is the median household income in Fairmont?
The median household income in Fairmont, MN is $59,228 per year, which is 21% below the national median of $75,149.
What is the median home value in Fairmont?
The median home value in Fairmont, MN is $168,800, which is 31% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Fairmont?
The median monthly rent in Fairmont, MN is $717, which is 38% below the national average of $1,163/month.
What is the unemployment rate in Fairmont?
The unemployment rate in Fairmont, MN is 4.1%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Fairmont, MN a good place to live?
Fairmont offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 10,348 and a median age of 46.5, the city appeals to established professionals and retirees.
How educated is Fairmont, MN?
26.1% of residents in Fairmont aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Fairmont?
Key cost-of-living indicators for Fairmont, MN: median home value is $168,800 (31% below national), median rent is $717/month, and median household income is $59,228. The home-value-to-income ratio is 2.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Fairmont?
The poverty rate in Fairmont, MN is 12.4%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Fairmont, MN?
Fairmont's population is 7.5% White, 0.8% Hispanic or Latino, 0.0% Black or African American, 1.6% Asian, and 1.0% two or more races. 3.5% of residents are foreign-born.