Rent to own Homes in Faribault, MN
Before it became an official U.S. territory, Faribault was teeming with trade, and its settlements included those inhabited by the Wahpekute tribe of the Dekotahs. Situated in Southeastern Minnesota, the community is named after fur trader Jean Baptiste Fairbault, whose family helped establish the town. After World War II, the city joined in relief efforts abroad by adopting Wuerzburg, Germany. Creative minds also call Faribault home. The Tilt-a-whirl was created in the city and introduced at the Minnesota State Fair.
Faribault, MN is a great place for affordable rent-to-own homes! With a median household income of over $54,832 and a median rent of $914, the Faribault, MN rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Faribault, MN. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
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Faribault, MN is seeing rapid growth and Faribault, MN's' housing market remains optimal with an average home price that is -22% below the 2024 national average. Faribault, MN is part of Rice county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Rice is 0.89% which is below the national average, which is 0.99%.
Median Home Price in Faribault, MN
Median Rent in Faribault, MN
Top 6 Reasons To Live In Faribault, MN
Take up an extreme hobby! While the town has plenty to offer the sports enthusiast, including tee times at Legacy Golf Course and some icy indoor space at the Faribault Ice Arena, there's more fun to be had around town. Take part in some extreme BMX biking at the track in South Alexander Park or grab a bow and arrow and learn a bit of archery at the indoor range at the Rice County Fairgrounds. If you want more action, try the disc golf course at Wapacuta Park or spend a rainy day at J&J Bowling Center.
Affordable property! Rent to own a home near Division and 4th Street and take advantage of bargain pricing. Median home costs are $102,900 and average monthly rental prices are $716. You can easily save all that extra cash, too, with easy visits to nearby Maple Lawn Park.
Enjoy outdoor recreation! Hike through enchanting, nature-filled vistas on the Sakatah Singing Hills Trail or bike into vast wooded areas that house rivers and ponds at the River Bend Nature Center. When the weather permits it, locals can often be found at the waterslides and wave pools at the Fairbault Family Aquatic Center.
Historic abodes! Houses in City Center offer charming and antiquated facades. Most homes were built before 1940, adding character to the quaint neighborhoods surrounding 1st Street and Canyon City Boulevard. You're also close to the golf course, numerous parks and beloved local eateries like Anna Dee's Cafe and the Gran Plaza Mexican Grill.
Pick up specialty items! Local shops sell hard-to-find pantry items. The Cheese Cave serves unique and familiar cheeses and a selection of wine and beer. Lyons Meats serves offers sliced deli fare and prime cut steaks.
Indulge in local entertainment! The arts are alive in Faribault, and residents can see comedy acts, off-Broadway renditions of the classics, and concerts at the Paradise Center for the Arts. Grab dinner and drinks at Alexander's Supper Club beforehand and make an evening of it.