Cost of Living in Richfield, MN
Population: 36,725 • 2026 Data
$84,055
Median Household Income
+9% vs national
$1,334
Median Monthly Rent
-1% vs national
$320,400
Median Home Value
-6% vs national
5.1%
Unemployment Rate
Housing in Richfield
The median home value in Richfield, MN is $320,400. Monthly rent for a typical unit averages $1,334, while total monthly housing costs (including utilities and insurance) average $1,448.
Rent-to-income ratio: 19.0%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Richfield, MN is $84,055. The unemployment rate stands at 5.1%, with a labor force of 21,610 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.