OK, here's the scoop. Grew up in Faribault, parents currently live between Northfield and Faribault.
Don't move to Faribault. It was a town of the 70s/80s and has declined ever since. The mall is dying, the historical down town is falling apart (both literally and business wise), and city council is an ass about new retailers moving to the city. There is absolutely nothing to do in the town, and the school district is poo. Stay away.
Northfield is nice, but small. The Malt o Meal plant is there, so pretty much the entire town smells like sugar puffs.
I don't know too much about Lakeville. It is a nice distance from the cities, and I believe it is a growing community. They have a nice theatre there. Expect housing to be more expensive.