Richfield, MN Cost Of Living
Cost Of Living In Richfield, MN Summary
Cost of living in Richfield research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Richfield is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Minnesota, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Richfield is 104, with 100 being the average.
The cost of living index in Richfield is 1.0x higher than the national average.
Richfield ranks as the #70 cheapest in Minnesota out of 147.
Richfield ranks as the #3,585 cheapest out of 6,412 in the US.
The median home value in Richfield is $259,200.
The median income in Richfield is $74,301.
Table Of Contents
Richfield's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Richfield, MN?
According to the most recent data on the cost of living, Richfield has an overall cost of living index of 104, which is 1.0x higher than the national index of 100.
Compared to Minnesota, Richfield has a cost of living index that's 1.1x higher than Minnesota's index of 95.
The standard of living in Richfield ranks as #70 most affordable out of the 147 places we measured in Minnesota. By definition, that implies Richfield ranks as the #77 most expensive place in the North Star State.
For more reading on life in Richfield, check out:
- Living In Richfield
- Richfield Crime Report
- Search Homes For Sale In Richfield, MN
In Minnesota
In America
Richfield Cost Of Living Vs. Minnesota
Six factors go into calculating the cost of living index in Richfield. Here is how it fairs on each of the criteria:
The Services index in Richfield is 112.
The Groceries index in Richfield is 104.
The Health index in Richfield is 103.
The Housing index in Richfield is 99.
The Transportation index in Richfield is 101.
The Utilities index in Richfield is 99.
| Living Expense | Richfield | Minnesota | National Average | |
|---|---|---|---|---|
| Overall | 104 | 95 | 100 | |
| Services | 112 | 101 | 100 | |
| Groceries | 104 | 98 | 100 | |
| Health | 103 | 111 | 100 | |
| Housing | 99 | 83 | 100 | |
| Transportation | 101 | 98 | 100 | |
| Utilities | 99 | 95 | 100 | |
Richfield, MN Housing Cost Breakdown
Housing swings affordability the most between places in Minnesota, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Richfield is $259,200.
The Median Rent in Richfield is $1,206.
The Median Income in Richfield is $74,301.
The Home Value To Income in Richfield is 3.5x.
The Rent To Monthly Income in Richfield is 0.19x.
| Statistic | Richfield | Minnesota | United States |
|---|---|---|---|
| Median Home Value | $259,200 | $250,200 | $244,900 |
| Median Rent | $1,206 | $1,081 | $1,163 |
| Median Income | $74,301 | $77,706 | $69,021 |
| Home Value To Income | 3.5x | 3.2x | 3.5x |
| Rent To Monthly Income | 0.19x | 0.17x | 0.2x |
Median Home Value
Median Rent
Median Income
Richfield, MN Costs By Category
Detailed Richfield Services Costs Vs. Minnesota
Detailed Richfield Groceries Costs Vs. Minnesota
Detailed Richfield Health Costs Vs. Minnesota
Detailed Richfield Transportation Costs Vs. Minnesota
Detailed Richfield Utilities Costs Vs. Minnesota
Richfield SnackAbility
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Cost Of Living In Cities Around Richfield
The cost of living varies in the cities and towns around Richfield. Here's a quick look at the cost of living in the most populous nearby places:
Minneapolis, MN has a cost of living index of 108, 1.0x Richfield.
Bloomington, MN has a cost of living index of 107, 1.0x Richfield.
Plymouth, MN has a cost of living index of 122, 1.2x Richfield.
| City | Population | Cost Of Living | Vs. Richfield |
|---|---|---|---|
| Minneapolis, MN | 425,091 | 108 | 1.0x |
| Bloomington, MN | 89,436 | 107 | 1.0x |
| Plymouth, MN | 80,034 | 122 | 1.2x |
| Woodbury, MN | 74,014 | 122 | 1.2x |
| Maple Grove, MN | 69,900 | 117 | 1.1x |
| Lakeville, MN | 69,026 | 116 | 1.1x |
| Eagan, MN | 68,205 | 112 | 1.1x |
| Eden Prairie, MN | 64,048 | 121 | 1.2x |
| Burnsville, MN | 63,926 | 110 | 1.1x |
| Minnetonka, MN | 53,809 | 121 | 1.2x |
