Faribault, MN vs New Prague, MN

There is a significant gap in the cost of living between these two cities. Faribault is 15.1% cheaper than New Prague. With a cost index of 84 vs 99, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Faribault to New Prague should plan for substantially higher expenses across most categories.

On the housing front, median rent in Faribault is $1,041/month compared to $1,198/month in New Prague — a 13% difference. Home values follow the same pattern: Faribault is more affordable at $233,900 median vs $323,500.

Median household income in Faribault is $61,662 compared to $98,424 in New Prague (-37.4%). While New Prague 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 14.6% in New Prague.