Rent to Own Homes in Faribault

Faribault Woolen Mills was one of the leading employers for Faribault residents until 2009. Today, most jobs are within the retail and food service industries. There are some small businesses located in the downtown area, and some residents commute to surrounding areas for employment.

One of the most well-known features of the Faribault community is the Minnesota State Academies for the Deaf and for the Blind. These specialized schools are supported by the State Library for the Blind, which is also located within city limits.

Buying vs Rent to Own Homes

If buying a home in the Faribault area is on your to-do list for the next year or two, you might find rent-to-own homes interesting. These properties come with a specialized contract that allows you to rent today and buy tomorrow. You typically have a year or longer to secure financing and close the deal, and in the meantime, you pay rent each month. Some contracts set aside a portion of each rental payment, and you can use that money toward the eventual purchase of your new home. This is a great way to get settled into a new home before you're fully prepared to secure financing for a home.

Summary

Faribault is a small town in southern Minnesota with approximately 24,000 residents. This is a scenic region of the state that is a short drive from three large lakes. Residents also have access to some family-friendly parks and golf courses within city limits. The city is home to specialized schools for the deaf and blind, including a library that caters to that population. With a median home price often falling well below $200,000, affordable housing is readily available in Faribault. The overall cost of living is comparable to the national average.