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City · 10,296 residents · Martin County, Minnesota

Fairmont , Minnesota

In Fairmont, a typical home is worth $169,900 and typical rent is $738 a month. Compared with all of Martin County, typical household income is 11% lower and the share of households that own their home is 8 points lower.

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  • Typical home value

    $169,900

    4% above the county

    48% below Minnesota

    • Fairmont
    • Martin
    • Minnesota

  • Typical rent

    $738a month

    3% below the county

    42% below Minnesota

    • Fairmont
    • Martin
    • Minnesota

  • Typical household income

    $53,084a year

    11% below the county

    40% below Minnesota

    • Fairmont
    • Martin
    • Minnesota

  • Households that own their home

    61%

    8 points below the county

    11 points below Minnesota

    • Fairmont
    • Martin
    • Minnesota

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$172,050
0.6% more than 12 months ago

From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).

Fairmont is in Martin County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Martin County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Fairmont apart

What this place has that others do not, from public data, most unusual first.

  1. Fairmont has the 2nd lowest typical rent of the 148 cities in Minnesota with more than 5,000 people ($738).

  2. Fairmont has the 3rd lowest typical household income of the 152 cities in Minnesota with more than 5,000 people ($53,084).

  3. Fairmont has the 8th lowest typical home value of the 152 cities in Minnesota with more than 5,000 people ($169,900).

  4. 61% of households in Fairmont own their home, against 69% in Martin County.

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Fairmont

What homes there are in Fairmont, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house is still the most common home in Fairmont, but it weighs less than in Martin County: 63% against 76%.

Year built

Here half of the homes date from 1966 or later; in Martin County, from 1960 or later.

There are fewer big homes in Fairmont than in Martin County: 52% have 3 bedrooms or more, against 61%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

At least 94% of owner-occupied homes in Fairmont are worth less than $500,000, below the FHA loan limit for Martin County ($541,287).

Monthly rent with utilities

By rent, most homes in Fairmont cost less than HUD's 2-bedroom fair market rent ($1,014): about 66%.

With a mortgage

$1,254 a month

Martin County: $1,270 a month

Without a mortgage

$552 a month

Martin County: $540 a month

Owners with a mortgage

52%

Martin County: 50%

In Fairmont, 52% of owners have a mortgage; their typical cost is $1,254 a month, about the same as in Martin County.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Much as in Martin County, the typical home value in Fairmont rose 37% since 2015–2019.

Rents in Fairmont rose more slowly than in Martin County: 19% since 2015–2019, against 23%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureFairmontMartin CountyMinnesotaUnited States
Rental vacancy Unreliable estimateUnreliable estimate5.3%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.6%0.9%
More than one person per room Unreliable estimateUnreliable estimate2.3%3.4%
People per household 2.062.192.432.53
Drive alone 80%80%69%69%
Carpool 6%6%8%9%
Public transit Unreliable estimateUnreliable estimate2%3%
Walk or bike Unreliable estimate5%3%3%
Work from home 7%8%18%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute under 10 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

Fewer people live in each home here: 2.06 on average, against 2.19 in Martin County.

In Fairmont, 80% of workers drive alone to work; in Martin County, 80%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Fairmont?

A typical home is tight for the typical income

We start with a typical home in Fairmont, worth $169,900, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 32% of the typical household income in Fairmont, which is $53,084 a year. For that payment to be 28% of income, a household would need to earn about $61,484 a year.

The calculator's FHA and conventional loan limits are those of all of Martin County.

Your numbers

Local data
$

Starts at the typical home value in Fairmont. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $5,947 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,435

at 7.18% · 30 years

Loan amount
$166,822
Total interest
$240,018
Paid off in
November 2056

Includes $2,869 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,239 a month

  • Tight

    $1,239 to $1,593 a month

    Your payment · 32%

  • Hard

    more than $1,593 a month

Compared with the typical household income in Fairmont ($53,084 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,435
Principal & interest$1,130
Property tax$159
Home insurance$71
FHA mortgage insurance (MIP)$75

You need at least $5,947 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Fairmont and Martin County

Fairmont is in Martin County, Minnesota. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Fairmont's own numbers

Typical home value
$169,900
Typical monthly rent
$738
Typical yearly household income
$53,084
Households that own their home
61%
Effective property tax rate
1.12%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Martin County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,014
Price change over 5 years (FHFA)
+40%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Martin County.

Everything about Martin County

Buying

Buying a home in Fairmont

A typical home in Fairmont is worth $169,900: 4% above the county and 48% below Minnesota. With the typical household income in Fairmont ($53,084 a year), a typical home costs 3.2 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Fairmont 3.2 years
  • Martin 2.7 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Martin County

According to FHFA’s house price index, home prices in Martin County rose 71% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Martin County.

Period County Minnesota U.S.
Last year (2025) +0.6% +2.8% +2.9%
5 years (2020–2025) +40% +37% +47%
10 years (2015–2025) +71% +71% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Fairmont next to Martin County, Minnesota and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Fairmont $169,900
  • Martin $163,500
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Fairmont $738
  • Martin $761
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Fairmont $53,084
  • Martin $59,507
  • Minnesota $89,062
  • United States $80,734
See the full table
Fairmont next to Martin County and Minnesota
Measure Fairmont Martin County Minnesota U.S.
Typical home value $169,900 $163,500 $329,300 $332,700
Typical monthly rent $738 $761 $1,280 $1,413
Typical yearly household income $53,084 $59,507 $89,062 $80,734
Households that own their home 61% 69% 72% 65%
Typical yearly property tax $1,911 $1,671 $3,357 $3,119
Effective property tax rate 1.12% 1.02% 1.02% 0.94%
Renters with high rent for their income 54% 51% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Martin County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Fairmont

For a typical $169,900 home in Fairmont, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Fairmont's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,435a month

    Least cash to close
    Down payment
    $5,947
    Cash to close
    $11,044
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $75

  • Conventional, 5% down $1,403a month

    Down payment
    $8,495
    Cash to close
    $13,592
    Rate
    7.18%
    Mortgage insurance
    PMI · $81

  • Conventional, 20% down, no PMI $1,150a month

    Down payment
    $33,980
    Cash to close
    $39,077
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,307a month

    Down payment
    $25,485
    Cash to close
    $30,582
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Fairmont and for Martin County.

Property tax

Effective rate in Fairmont

1.12%of the home’s value each year

$1,911 a year for the typical owner in Fairmont.

  • Fairmont 1.12%
  • Martin 1.02%
  • Minnesota 1.02%

What Minnesota publishes Homestead market value exclusion (Minnesota Office of the Revisor of Statutes (Minnesota Statutes))

Exemptions and deadlines in Minnesota

Flood risk in Martin County

FEMA does not publish these numbers by city: they are for all of Martin County.

FEMA’s maps count no homes in the high-risk zone in Martin County. That does not mean it cannot flood: check your address.

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Fairmont

Typical rent in Fairmont is $738 a month: 3% below the county. In Fairmont, 54% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Martin County, by unit size. To pay the 2-bedroom one ($1,014 a month) without spending more than 30% of your income, you would need to earn $19.50 an hour working full time.

HUD fair market rent for all of Martin County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $706 $13.58 $28,240
1 bedroom $844 $16.23 $33,760
2 bedrooms $1,014 $19.50 $40,560
3 bedrooms $1,328 $25.54 $53,120
4 bedrooms $1,333 $25.63 $53,320

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Fairmont

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Fairmont is in ZIP code 56031.

For 2 bedrooms it is $1,010: $4 less than the fair market rent for Martin County ($1,014).

  • 56031 $1,010$1,340

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Fairmont when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Fairmont

HUD lists 4 buildings with rents for lower incomes in Fairmont. These are the largest.

  • Friendship Village 500 Home St, Fairmont 56031 123 low-income homes · Run by HRA of FAIRMONT, MINNESOTA · Average payment: $402 a month · Average wait: 36 months (507) 235-9691
  • Countryside Townhouses 1305 Johnson St, Fairmont 56031 71 low-income homes · For families (507) 238-4978
  • Fairmont Square Apartments 1205 Victoria St, Fairmont 56031 64 homes, 35 low-income · 1 bd: 19 · 2 bd: 39 · 3 bd: 6 · In service since 2007
  • Duplexes III 812 N Park St, Fairmont 56031 2 low-income homes · Run by HRA of FAIRMONT, MINNESOTA · Homes at several sites (507) 235-9691

See all 4 buildings in Martin County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Fairmont

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Martin County. The nearest ones are below; many serve by phone or online.

Two women and a girl laugh together at the bus stop.

HUD counseling is free or low-cost

Assistance programs in Fairmont

No down payment, repair or rent-help program on our list is for Fairmont or Martin County. The ones below are statewide in Minnesota: they work in Fairmont the same as in the rest of the state.

Which programs do I qualify for? All programs in Minnesota

  • Deferred Payment Loan (Start Up)

    Statewide in Minnesota

    Minnesota state agency loan for the down payment and closing costs alongside the Start Up mortgage for first-time buyers: up to $14,000 (or $18,000 in the Plus version), with no interest or monthly payments, repaid at the end of the mortgage. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Deferred

    See the program Official page

  • Monthly Payment Loan

    Statewide in Minnesota

    Minnesota Housing loan of up to $14,000 for the down payment and closing costs, which you repay over 15 years at the same rate as your Minnesota Housing mortgage; it works with Start Up (first-time buyers) or Step Up. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Repayable

    See the program Official page

Housing counselors near Fairmont

The HUD-approved agencies closest to the center of Fairmont, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Southwest Minnesota Housing Partnership Mankato Branch

    140 Homestead Rd, Mankato · 42 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (507) 836-1605

  • Lutheran Social Service of Minnesota

    710 South 2nd Street, Mankato · 42 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 2 more
    (218) 529-2227

  • Southwest Minnesota Housing Partnership

    2401 Broadway Ave, Slayton · 69 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 4 more
    (507) 836-1608

All counseling agencies in Minnesota

Help in Spanish near Fairmont

2 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Fairmont

HUD’s record names them for Fairmont or Martin County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

All housing agencies in Minnesota Source: HUD

Cities

Nearby cities

The cities closest to Fairmont, with the typical home value.

Everything about Martin County Housing in Minnesota

Neighboring counties

If Martin County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Fairmont.

All guides
A father holds his baby and his young son by a white picket fence.

Questions

Housing questions about Fairmont

Short answers with the numbers for Fairmont and all of Martin County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Fairmont?

The typical home value in Fairmont is $169,900, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Martin County it is $163,500.

How much does it cost to rent in Fairmont?

Typical rent in Fairmont is $738 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Martin County is $1,014.

What is the FHA loan limit in Fairmont?

Fairmont uses the FHA limit for all of Martin County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Fairmont?

The typical homeowner in Fairmont pays $1,911 a year, according to the U.S. Census Bureau. That is 1.12% of the home’s value; in Martin County, the rate is 1.02%.

Where can I find free help to buy or rent in Fairmont?

We found no HUD-approved counseling agencies with an office in Martin County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).