Faribault, MN vs Lakeville, MN

The cost of living difference between Faribault, MN and Lakeville, MN is dramatic. Faribault is 31.8% cheaper than Lakeville, a gap that translates to thousands of dollars per year in household expenses. Faribault has a cost index of 84 while Lakeville sits at 124, making this one of the more striking comparisons on our site. Relocating between these cities would require a serious reassessment of budget and lifestyle expectations.

On the housing front, median rent in Faribault is $1,041/month compared to $1,727/month in Lakeville — a 40% difference. Home values follow the same pattern: Faribault is more affordable at $233,900 median vs $425,200.

Median household income in Faribault is $61,662 compared to $138,119 in Lakeville (-55.4%). While Lakeville is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Faribault spend roughly 20.3% of their income on rent, more than the 15% in Lakeville.