What HUD offices serve Faribault, Minnesota?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Minnesota Public Housing and Low-Income Apartments Waiting Lists page for openings near Faribault.
How many renters live in Faribault, Minnesota?
The City of Faribault has people living in households.
There are renters living in renter households in this City. Renters make up 31.17 percent of the population living in Faribault.
What is the rental market like in Faribault, Minnesota?
There are an estimated housing units in the Faribault area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Faribault, Minnesota, there are 1.03 rental units.
What is the vacancy rate for rentals in Faribault?
The rental vacancy rate in Faribault is 2 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Faribault for each bedroom size?
Occupied Rental Units by Size in Faribault
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 161 | 802 | 1,432 | 560 | 171 |
Occupied Rental Units by Size in Faribault
A large number of apartments in Faribault have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many units are rented at Fair Market Rent (FMR) in Faribault?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 91 | 57 percent |
| One BR | 583 | 73 percent |
| Two BR | 843 | 59 percent |
Rental Units Below FMR in Faribault, Minnesota
How many affordable rental units are in Faribault?
There are a variety of federal affordable housing programs serving households in Faribault, Minnesota including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | |
| Public Housing | |
| Section 8 Project-Based Rental Assistance | |
| USDA Section 515 Rural Rental Housing |
Tracked Units by Federal Program in Faribault, Minnesota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Faribault, Minnesota
Faribault features 521 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Faribault, Minnesota
There are 160 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Faribault.
Housing Choice Vouchers in Faribault, Minnesota
On average, Section 8 Housing Choice vouchers pay Faribault landlords $400 per month towards rent. The average voucher holder contributes $600 towards rent in Faribault.
The maximum amount a voucher would pay on behalf of a low-income tenant in Faribault, Minnesota for a two-bedroom apartment is between $1,085 and $1,327.
Sourced from federal housing data and AffordableHousingOnline.com research.