Fairmont, MN vs Rice Lake, MN

There is a significant gap in the cost of living between these two cities. Fairmont is 26.4% cheaper than Rice Lake. With a cost index of 69 vs 94, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Fairmont to Rice Lake should plan for substantially higher expenses across most categories.

On the housing front, median rent in Fairmont is $717/month compared to $1,328/month in Rice Lake — a 46% difference. Home values follow the same pattern: Fairmont is more affordable at $168,800 median vs $283,700.

Median household income in Fairmont is $59,228 compared to $95,347 in Rice Lake (-37.9%). While Rice Lake is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Fairmont spend roughly 14.5% of their income on rent, less than the 16.7% in Rice Lake.