salaryRichmond is 7% cheaperBased on official 2024 price levels from the U.S. Bureau of Economic Analysis.
I need in Richmond to live the same way.
🏠 Rent per month
$1,649
$1,644
🛏️ 2-bedroom rent
$1,805
$1,520
💵 Families earn per year
$87,192
$69,657
🔑 Buying a house
$362,200
$353,000
📊 Overall prices (U.S. = 100)
104.8
97.9
🏛️ Property tax per year
$4,339
$3,150
⚡ Electric bill per month
$91
$141
👥 People living there
427,246
229,359
Commute to work
22 min
21.7 min
College degree
55.5%
45.6%
Own their home
47.7%
43.5%
Below poverty line
16%
18.2%
Unemployment
5.9%
5.7%
Bottom line
- Pick Minneapolis for higher incomes, a more educated workforce, less poverty.
- Pick Richmond for lower rent, cheaper 2-bedroom apartments, cheaper homes and 2 more.
Pay for the same job
| Job | Minneapolis | Richmond | Difference |
|---|---|---|---|
| Firefighter | $39,350 | $60,790 | +54% in Richmond |
| Server (Waiter/Waitress) | $25,920 | $38,470 | +48% in Richmond |
| Plumber | $101,630 | $61,480 | -40% in Richmond |
| Police Officer | $97,190 | $62,720 | -35% in Richmond |
| Carpenter | $74,060 | $51,870 | -30% in Richmond |
| Electrician | $81,890 | $61,350 | -25% in Richmond |
| HVAC Technician | $77,490 | $59,130 | -24% in Richmond |
| Elementary School Teacher | $79,730 | $61,290 | -23% in Richmond |
Frequently asked questions
Is Minneapolis or Richmond cheaper to live in?
Richmond is about 7% cheaper overall. Rent is $1,644 a month there versus $1,649 in Minneapolis.
What salary do I need in Richmond to match $60,000 in Minneapolis?
About $56,014 a year gives the same standard of living in Richmond.
Where do people earn more, Minneapolis or Richmond?
The typical household earns $87,192 in Minneapolis and $69,657 in Richmond, 25% more in Minneapolis.