Faribault County, Minnesota
Income Data
At a Glance
How Faribault County Compares
Detailed Income Statistics
Data Story
About Household Income in Faribault County, Minnesota
Faribault lags U.S. income average
Faribault County's median household income of $64,391 falls 13.9% below the national median of $74,755, placing it among lower-income counties nationally. The county's agricultural focus and smaller employment base contribute to this gap.
Below Minnesota's statewide performance
At $64,391, Faribault ranks notably below Minnesota's state average of $75,757, a gap of $11,366 per household. Per capita income of $36,782 also falls short of the state average of $39,335.
Among lowest income in region
Faribault's $64,391 median income ranks among the lowest in this analysis, below Cottonwood ($68,239) and Freeborn ($69,012). Limited industry diversification constrains wage growth relative to more economically robust neighboring counties.
Affordable housing helps stretch income
Faribault's rent-to-income ratio of 15.6% reflects moderately tight housing costs, though still manageable given limited income. The median home value of just $120,200 ranks among the region's most affordable, offering strong property value for budget-conscious families.
Start small, build consistent savings
Faribault's lower income requires intentional financial planning, but affordable housing creates opportunities to direct resources toward savings and investments. Begin with modest emergency funds, explore employer retirement programs, and consider side income opportunities to accelerate wealth growth.
Frequently Asked Questions
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Income Comparison Calculator
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Your income is above the Faribault County median
County median: $64,391 per year
vs. County Median
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vs. State Average
-15%
vs. National Median
-14%
Income Adequacy
Your monthly income ($5,366) vs. median rent ($837/mo). A ratio of 3.3x or higher means rent is under 30% of income.
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Compare RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.