Mortgage payment estimates, closing cost breakdowns, and homebuying data for Faribault, Minnesota.
Pre-filled with Faribault median home price and Minnesota tax/insurance rates. Adjust for your property.
Estimated closing costs based on Minnesota rates and fees applied to Faribault prices.
The median home price in Faribault is $225,000, 33% below the Minnesota state median of $335,000. With a population of 23,913, Faribault is a smaller market where home prices tend to be more accessible than in many parts of Minnesota.
Property taxes in Minnesota average 1.12% annually. This moderate property tax rate means a $225,000 home in Faribault would carry roughly $210/month in property taxes. Homeowners insurance in Minnesota runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Faribault is $950/month. The price-to-rent ratio in Faribault is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Faribault offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Minnesota's Minnesota Housing Start Up program.