Faribault, MN vs Waite Park, MN

Faribault, MN and Waite Park, MN have a very similar cost of living, with only a 3.4% difference in their overall index. Faribault scores 84 while Waite Park scores 82 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Faribault is $1,041/month compared to $1,072/month in Waite Park — a 3% difference. Interestingly, home values tell a different story: while Faribault has cheaper rent, Waite Park actually has lower median home values ($217,000 vs $233,900).

Median household income in Faribault is $61,662 compared to $56,884 in Waite Park (+8.4%). While Faribault 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, less than the 22.6% in Waite Park.