In Faribault, a typical home is worth $241,500 and typical rent is $1,074 a month. Compared with all of Rice County, typical household income is 26% lower, the typical home value is 25% lower, and the share of households that own their home is 10 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $249,862 to $303,037.
Typical rent
$1,360a month
From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).
Faribault is in Rice 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 Rice County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Waseca, the typical home value is $189,200: 22% less than in Faribault ($241,500).
2
The typical household income in Faribault is $61,449,26% less than in Rice County as a whole ($83,181).
3
The typical home in Faribault is worth $241,500,25% less than in Rice County as a whole ($320,200).
4
Nearby, in Waseca, the typical rent is $903: 16% less than in Faribault ($1,074).
5
66% of households in Faribault own their home, against 76% in Rice County.
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Faribault
What homes there are in Faribault, 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
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Faribault
Rice County
Minnesota
United States
Kind of home: Faribault and its comparisons
Measure
Faribault
Rice County
Minnesota
United States
Detached house
63%
71%
66%
61%
Attached house
6%
6%
7%
6%
Building of 2 to 4
8%
5%
4%
8%
Apartments (5 or more)
19%
14%
19%
19%
Mobile home
5%
4%
3%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
The detached house is still the most common home in Faribault, but it weighs less than in Rice County: 63% against 71%.
Year built
Before 19601960–19791980–19992000–20092010 or later
Faribault
Rice County
Minnesota
United States
Year built: Faribault and its comparisons
Measure
Faribault
Rice County
Minnesota
United States
Before 1960
36%
30%
29%
26%
1960–1979
24%
23%
23%
24%
1980–1999
18%
20%
24%
25%
2000–2009
15%
18%
13%
14%
2010 or later
8%
9%
10%
11%
The typical home in Faribault was built in 1974, 4 years before the typical one in Rice County.
There are fewer big homes in Faribault than in Rice County: 56% have 3 bedrooms or more, against 65%.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K9%
$100K–$200K25%
$200K–$300K32%
$300K–$500K29%
$500K–$750KUnreliable
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Faribault and its comparisons
Measure
Faribault
Under $100K
9%
$100K–$200K
25%
$200K–$300K
32%
$300K–$500K
29%
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable estimate
$1M or more
Unreliable estimate
At least 95% of owner-occupied homes in Faribault are worth less than $500,000, below the FHA loan limit for Rice County ($541,287).
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99938%
$1,000–$1,49939%
$1,500–$1,99911%
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Faribault and its comparisons
Measure
Faribault
Under $500
Unreliable estimate
$500–$999
38%
$1,000–$1,499
39%
$1,500–$1,999
11%
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable estimate
$3,000 or more
Unreliable estimate
With a mortgage
$1,581 a month
Rice County: $1,922 a month
Without a mortgage
$579 a month
Rice County: $673 a month
Owners with a mortgage
59%
Rice County: 61%
The typical cost for an owner with a mortgage in Faribault is $1,581 a month, less than in Rice County ($1,922); without one, $579.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Faribault+57%
Rice County+54%
Minnesota+47%
United States+53%
Typical rent
Faribault+31%
Rice County+29%
Minnesota+31%
United States+33%
Typical household income
Faribault+21%
Rice County+21%
Minnesota+25%
United States+29%
Change since 2015–2019: Faribault and its comparisons
Measure
Faribault
Rice County
Minnesota
United States
Typical home value
+57%
+54%
+47%
+53%
Typical rent
+31%
+29%
+31%
+33%
Typical household income
+21%
+21%
+25%
+29%
The typical home value in Faribault rose 57% since 2015–2019, more than in Rice County (54%).
Much as in Rice County, the typical rent in Faribault rose 31% since 2015–2019.
The typical household income in Faribault rose 21%: less than home values (+57%) and rent (+31%).
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Faribault and its comparisons
Measure
Faribault
Rice County
Minnesota
United States
Rental vacancy
Unreliable estimate
Unreliable estimate
5.3%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
0.6%
0.9%
More than one person per room
Unreliable estimate
2.6%
2.3%
3.4%
People per household
2.48
2.55
2.43
2.53
Drive alone
71%
68%
69%
69%
Carpool
16%
9%
8%
9%
Public transit
Unreliable estimate
Unreliable estimate
2%
3%
Walk or bike
4%
9%
3%
3%
Work from home
6%
12%
18%
15%
Other means
3%
2%
1%
2%
Typical commute
10 to 19 minutes
10 to 19 minutes
20 to 29 minutes
20 to 29 minutes
Much as in Rice County, a household in Faribault has 2.48 people on average.
In Faribault, 16% of workers share a car to get to work; in Rice County, 9%.
Do the math
What would you pay each month for a home in Faribault?
A typical home costs more than the typical income allows
We start with a typical home in Faribault, worth $241,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 39% of the typical household income in Faribault, which is $61,449 a year. For that payment to be 28% of income, a household would need to earn about $86,015 a year.
The calculator's FHA and conventional loan limits are those of all of Rice County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Faribault. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $8,453 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$2,007
at 7.18% · 30 years
Loan amount
$237,125
Total interest
$341,168
Paid off in
November 2056
Includes $4,078 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,434 a month
Tight
$1,434 to $1,843 a month
Hard
more than $1,843 a month
Your payment · 39%
Compared with the typical household income in Faribault ($61,449 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,606
Property tax
$193
Home insurance
$101
FHA mortgage insurance (MIP)
$107
You need at least $8,453 for the down payment, plus closing costs.
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.
Total monthly payment $2,007; principal and interest $1,606.
The city and its county
Faribault and Rice County
Faribault is in Rice 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).
Faribault
Map of Rice County, Minnesota, with Faribault marked. Around it, the neighboring counties.
Faribault
Rice County
Other cities with a page
Faribault's own numbers
Typical home value
$241,500
Typical monthly rent
$1,074
Typical yearly household income
$61,449
Households that own their home
66%
Effective property tax rate
0.96%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Rice County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,226
Price change over 5 years (FHFA)
+40%
Homes in a high flood-risk zone
1.1%
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 Rice County.
A typical home in Faribault is worth $241,500: 25% below the county and 27% below Minnesota. With the typical household income in Faribault ($61,449 a year), a typical home costs 3.9 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.
Faribault3.9 years
Rice3.8 years
Minnesota3.7 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Rice County
According to FHFA’s house price index, home prices in Rice County rose 76% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Rice County.
Yearly change in FHFA’s price index in Rice County, 2016 to 2025
2016: +5.6% +5.6% 2016
2017: +6.0% +6.0% 2017
2018: +5.4% +5.4% 2018
2019: +4.1% +4.1% 2019
2020: +2.8% +2.8% 2020
2021: +11.1% +11.1% 2021
2022: +11.3% +11.3% 2022
2023: +6.2% +6.2% 2023
2024: +2.1% +2.1% 2024
2025: +4.3% +4.3% 2025
Change in FHFA’s price index in Rice County, Minnesota and the United States
Period
County
Minnesota
U.S.
Last year (2025)
+4.3%
+2.8%
+2.9%
5 years (2020–2025)
+40%
+37%
+47%
10 years (2015–2025)
+76%
+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
Faribault next to Rice 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
Faribault$241,500
Rice$320,200
Minnesota$329,300
United States$332,700
Typical monthly rent
Faribault$1,074
Rice$1,083
Minnesota$1,280
United States$1,413
Typical yearly household income
Faribault$61,449
Rice$83,181
Minnesota$89,062
United States$80,734
See the full table
Faribault next to Rice County and Minnesota
Measure
Faribault
Rice County
Minnesota
U.S.
Typical home value
$241,500 ▼25% below the county
$320,200
$329,300
$332,700
Typical monthly rent
$1,074
$1,083
$1,280
$1,413
Typical yearly household income
$61,449 ▼26% below the county
$83,181
$89,062
$80,734
Households that own their home
66% ▼10 points below the county
76%
72%
65%
Typical yearly property tax
$2,316 ▼26% below the county
$3,115
$3,357
$3,119
Effective property tax rate
0.96% ▼0.01 points below the county
0.97%
1.02%
0.94%
Renters with high rent for their income
54% ▲10 points above the county
45%
48%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Rice 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 Faribault
For a typical $241,500 home in Faribault, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Faribault's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$2,007a month
Least cash to close
Down payment
$8,453
Cash to close
$15,698
Rate
7.18%
Mortgage insurance
FHA MIP · $107
Conventional, 5% down$1,963a month
Down payment
$12,075
Cash to close
$19,320
Rate
7.18%
Mortgage insurance
PMI · $115
Conventional, 20% down, no PMI$1,603a month
Down payment
$48,300
Cash to close
$55,545
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,826a month
Down payment
$36,225
Cash to close
$43,470
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Faribault
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$2,007
$8,453
$237,126
7.18%
FHA MIP · $107
$15,698
580
Conventional, 5% down
$1,963
$12,075
$229,425
7.18%
PMI · $115
$19,320
620*
Conventional, 20% down, no PMI
$1,603
$48,300
$193,200
7.18%
None
$55,545
620*
ITIN, 15% down (example)
$1,826
$36,225
$205,275
8.18%
None
$43,470
Set by the lender
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.
Typical rent in Faribault is $1,074 a month: about the same as the county. In Faribault, 54% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Rice County, by unit size. To pay the 2-bedroom one ($1,226 a month) without spending more than 30% of your income, you would need to earn $23.58 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Rice County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$931
$17.90
$37,240
1 bedroom
$937
$18.02
$37,480
2 bedrooms
$1,226
$23.58
$49,040
3 bedrooms
$1,621
$31.17
$64,840
4 bedrooms
$2,049
$39.40
$81,960
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 Faribault
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Faribault is in ZIP code 55021.
For 2 bedrooms it is $1,240: $14 more than the fair market rent for Rice County ($1,226).
Fair market rent by ZIP code and size in Faribault, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
55021
$940
$950
$1,240
$1,640
$2,070
ZIP code2 bd3 bd
55021 $1,240$1,640
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Faribault 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 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
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 Rice County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Faribault or Rice County. The ones below are statewide in Minnesota: they work in Faribault the same as in the rest of the state.
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).
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).
No legal help resource on our list is for Faribault or Rice County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Faribault and all of Rice 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 Faribault?
The typical home value in Faribault is $241,500, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Rice County it is $320,200.
How much does it cost to rent in Faribault?
Typical rent in Faribault is $1,074 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Rice County is $1,226.
What is the FHA loan limit in Faribault?
Faribault uses the FHA limit for all of Rice 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 Faribault?
The typical homeowner in Faribault pays $2,316 a year, according to the U.S. Census Bureau. That is 0.96% of the home’s value; in Rice County, the rate is 0.97%.
Where can I find free help to buy or rent in Faribault?
We found no HUD-approved counseling agencies with an office in Rice County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
