| Index | Richfield | Minnesota | National |
| Cost of living | 107 | 100 | 100 |
| Groceries | 99 | 100 | 100 |
| Health care | 98 | 100 | 100 |
| Housing | 127 | 100 | 100 |
| Transportation | 100 | 100 | 100 |
| Utilities | 101 | 104 | 100 |
| Lifestyle & Entertainment | 103 | 100 | 100 |
| Household Items | 98 | 100 | 100 |
| Education & Childcare | 96 | 99 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in Richfield? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Richfield stands at 107, making it 7% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Everyday expenditures like food, housing, lifestyle expenses, transportation and health care in Richfield are priced in a manner consistent with other areas. This means that residents of Richfield can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Housing costs make up a big chunk of the cost of living in Richfield, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 26.7% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
The most insightful perspective on a city comes from its residents. We recently surveyed 12 locals to gauge their perception of the cost of living in Richfield. The feedback revealed that 33% of respondents found the cost of living to be reasonable, with prices on the decline, while 67% regarded it as notably expensive with prices that continue to rise.
Is Richfield an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Richfield is 30% higher than the national average, while the average monthly rent prices are 19% higher than average. The affordability of any location can also be influenced by median income levels. Richfield has a median household income of $102,343, which is 25.8% higher than the national average.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Richfield comes in at 1% higher than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Richfield, the housing index is 26.7% higher than the national average.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday household expenses like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Richfield starts at 6.875% and the income tax rates start at 5.35%.
The cost of living estimates displayed for Richfield are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
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| Groceries index | |
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| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $125,798 | $10,483 | $2,935 | $3,774 |
| Renters | $72,968 | $6,081 | $1,702 | $2,189 |
| State | General Sales Tax | With Max Surtax |
| Minnesota | 6.875% | 7.875% |
| State | Income Tax (Low) | Income Tax (High) |
| Minnesota | 5.35% | 9.85% |
| City | Population | Cost of Living Index | National Avg. |
| Landfall, MN | 819 | 72 | 27.9% |
| South End, MN | 66 | 78 | 22.1% |
| Hilltop, MN | 1,045 | 80 | 20.0% |
| St. Anthony city (Stearns County), MN | 108 | 84 | 16.4% |
| St. Paul Park, MN | 5,562 | 101 | 1.2% |
| Richfield, MN | 37,149 | 107 | 7.4% |
| City | Population | Cost of Living Index | National Avg. |
| Oak Creek, WI | 37,124 | 106 | 6.1% |
| Wildomar, CA | 37,118 | 140 | 40.3% |
| Côte-Saint-Luc, QC | 37,097 | n/a | |
| Richmond, KY | 37,087 | 91 | 8.6% |
| Manchester, CT | 37,216 | 105 | 5.5% |
| Richfield, MN | 37,149 | 107 | 7.4% |
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