$1,000
Total Monthly Price
- 2 Beds
- 1.5 Baths
- 1,200 Sq Ft
- House for Rent
807 Albion Ave, Fairmont, MN 56031
Frequently Asked Questions
How much does it cost to rent a home in Fairmont, MN?
The median rent for a home in Fairmont, MN is $1,000 per month, though prices vary by neighborhood, size, and property type. As of September 2026, single-family homes tend to be the most affordable option while condos are currently more expensive.
How much do you need to make to afford rent in Fairmont, MN?
To comfortably afford the median rent in Fairmont, MN, a household needs to earn roughly $40,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,000 per month in Fairmont, MN, renters typically need to show $3,000 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Fairmont, MN?
In Fairmont, MN, the price-to-rent ratio is 15.2, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
