Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 10,260 people, 4,750 houses or apartments, and a median cost of homes of $206,234, house prices in Fairmont are solidly below the national average.
Single-family detached homes are the single most common housing type in Fairmont, accounting for 68.80% of the city's housing units. Other types of housing that are prevalent in Fairmont include large apartment complexes or high rise apartments ( 20.08%), duplexes, homes converted to apartments or other small apartment buildings ( 6.23%), and a few row houses and other attached homes ( 2.67%).
People in Fairmont primarily live in small (one, two or no bedroom) single-family detached homes. Fairmont has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Fairmont's housing was primarily built during this period, from the '40s through the '60s. A full 38.80% of the city's housing hails from this era. Other housing ages represented in Fairmont include homes built between 1970-1999 ( 34.25%) and housing constructed before 1939 ( 21.42%). There's also some housing in Fairmont built between 2000 and later ( 5.53%).
Fairmont's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Fairmont during the period has been just 5.08%, which is lower than 80% of US communities.
Over the last year, Fairmont appreciation rates have trailed the rest of the nation. In the last twelve months, Fairmont's appreciation rate has been 3.36%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fairmont were at 4.64%, which equates to an annual appreciation rate of 19.89%.
Importantly, this makes Fairmont one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Minnesota, our data show that Fairmont's latest annual appreciation rate is higher than 50% of the other cities and towns in Minnesota.
$206,234
for Minnesota
for nation
4,750
$1,386 / per month