Faribault, MN
Population 24,458 · Minnesota
About Faribault, MN
Faribault is a mid-sized city located in Minnesota with a population of 24,458 residents according to the latest US Census Bureau American Community Survey data. The median household income is $61,662 per year, which is 18% below the national median of $75,149. The median age of 38.4 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Faribault features a median home value of $233,900, which is 4% below the national median of $244,900. This positions Faribault in a moderately priced market relative to the rest of the country. Median monthly rent is $1,041, 10% below the national average of $1,163/month. Of the 9,363 total housing units, 65% are owner-occupied (5,780 units) and 35% are renter-occupied (3,061 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Faribault shows an unemployment rate of 5.7%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 15.9%, above the national average of 12.4%. Workers in Faribault have an average one-way commute time of 19.7 minutes, one of the shorter commutes in the region.
Education & Demographics
17.5% of Faribault residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 10.7% White, 2.1% Hispanic or Latino, 0.0% Black or African American, and 4.0% Asian residents, with 14.1% of the population being foreign-born.
How Faribault Ranks in Minnesota
Cost of Living in Faribault, MN
Compared to national averages, Faribault has a median household income of $61,662 (18% below the national median of $75,149). Home values average $233,900, which is 4% below the national median. Monthly rent at $1,041 is 10% below the US average of $1,163. Within Minnesota, Faribault's income is 17% below the state average of $74,221, and home values are 14% above the state median of $204,472.
Why Live in Faribault, MN?
Faribault offers affordable housing with a median home value of $233,900, below the US average of $244,900, and rent that’s lower than the national average at $1,041/month, and short commute times averaging just 19.7 minutes.
Potential considerations include median household income ($61,662) that falls below the national average. However, Faribault’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Faribault has a population of 24,458 with a median age of 38.4 years. Compare Faribault with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Faribault
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| White Bear Lake | 24,026 | $79,712 | $318,000 | Compare |
| Farmington | 23,675 | $118,556 | $345,100 | Compare |
| Champlin | 23,450 | $115,719 | $338,400 | Compare |
| Winona | 25,998 | $56,163 | $193,500 | Compare |
| Chanhassen | 26,001 | $138,034 | $530,700 | Compare |
| New Brighton | 22,900 | $87,272 | $345,900 | Compare |
| Austin | 26,167 | $66,488 | $155,100 | Compare |
| Crystal | 22,685 | $86,752 | $280,500 | 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 Faribault With Other Cities
Frequently Asked Questions about Faribault
What is the population of Faribault, MN?
The population of Faribault, MN is 24,458 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 Faribault?
The median household income in Faribault, MN is $61,662 per year, which is 18% below the national median of $75,149.
What is the median home value in Faribault?
The median home value in Faribault, MN is $233,900, which is 4% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Faribault?
The median monthly rent in Faribault, MN is $1,041, which is 10% below the national average of $1,163/month.
What is the unemployment rate in Faribault?
The unemployment rate in Faribault, MN is 5.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Faribault, MN a good place to live?
Faribault offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 24,458 and a median age of 38.4, the city appeals to a broad range of residents.
How educated is Faribault, MN?
17.5% of residents in Faribault 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 Faribault?
Key cost-of-living indicators for Faribault, MN: median home value is $233,900 (4% below national), median rent is $1,041/month, and median household income is $61,662. The home-value-to-income ratio is 3.8x, a moderate figure by national standards.
What is the poverty rate in Faribault?
The poverty rate in Faribault, MN is 15.9%, 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 Faribault, MN?
Faribault's population is 10.7% White, 2.1% Hispanic or Latino, 0.0% Black or African American, 4.0% Asian, and 15.5% two or more races. 14.1% of residents are foreign-born.