States › Minnesota › Richfield

Is Richfield, MN expensive to live in?

OKRent takes 20 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,55311% lower than U.S. average
💵 Families earn per year (2026)$91,815about $7,651/month · 5% higher than U.S. average
🔑 House price$344,0003% higher than U.S. average

Rent is lower than in 55% of U.S. cities. A typical house costs about 3.7 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $62,120 a year. That is $30 an hour at a full-time job.

Is rent cheaper than other Minnesota cities?

No. Rent here is more expensive than in most of Minnesota. It is number 80 of 150 cities from cheapest to most expensive.

Richfield
$1,553
Inver Grove Heights
$1,980
Roseville
$1,369
Andover
$2,253
Maplewood
$1,682
Savage
$2,041
Cottage Grove
$2,338

How much do households earn in Richfield?

Under $25k
10.7%
$25k–50k
18.8%
$50k–100k
38.8%
$100k–150k
17.6%
$150k+
11.8%

Share of households by yearly income. 29.4% of households earn $100,000 or more.

Rent by apartment size in Richfield

SizeRichfieldU.S. average
Studio$1,685$1,338
1 bedroom$1,377$1,324
2 bedrooms$1,601$1,509
3 bedrooms$2,239$1,698
4 bedrooms$2,722$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Richfield overall?

Everyday prices in Minnesota overall are 1% below the U.S. average (index 98.6, U.S. = 100).

Housing
91
Goods (food, clothes…)
101
Utilities
91
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Richfield, so the Minnesota figure is shown.

Taxes and bills in Richfield

🏛️ Property tax$3,905a year · 1.14% of home value · U.S. $3,119
⚡ Electric bill$100a month (typical) · U.S. $156

Life in Richfield

Commute to work23.1 minU.S.: 26.4 min
College degree43.7%U.S.: 35.7%
Own their home61.6%U.S.: 65.2%
Below poverty line8.2%U.S.: 12.5%
Unemployment5.3%U.S.: 5.2%

Is it cheaper to rent or buy in Richfield?

Renting is cheaper right now: about $834 a month less.

Renting
$1,553
Owning
$2,387

Owning assumes a typical $344,000 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $34,400 for the down payment.

Frequently asked questions

What is the average rent in Richfield, MN?

Renting in Richfield costs a median of about $1,553 a month in 2026, including utilities. The Minnesota median is $1,525.

How much do I need to make to live in Richfield?

To keep rent under 30% of income, you need about $62,120 a year, or $30 an hour at a full-time job.

Is Richfield cheap or expensive?

Richfield is rated OK: rent takes 20.3% of the typical household income of $91,815. It ranks 80th cheapest of 150 Minnesota cities we track.

How much are property taxes in Richfield?

The median homeowner in Richfield pays $3,905 a year in property taxes, about 1.14% of the median home value.

Is Richfield more expensive than the national average?

Overall prices in Minnesota are 1% below the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Richfield?

The median home value in Richfield is $344,000, about 3.7 times the typical yearly household income.

36,642 people live in Richfield. Numbers are typical (middle) values.