Located in the state of Minnesota, Richfield is a moderately-sized city with a population of 35,912 people. With a population density of 5,344 people per square mile, Richfield is well above the nation's average density level. The majority of Richfield residents report their race to be White; this is followed by Black and Asian. If you are looking for a family friendly city, Richfield might be a good fit as 74% of the population over 15 years old are married, and 54% have kids who are 18 years old or younger.
If you’re considering relocating to any new city, it could be a very daunting task. However, it could also be a positive experience if you are willing to get to know the town before actually living in Richfield, Minnesota. The best areas in Richfield and in surrounding cities are easier to find when you are able to make informed decisions. Using data from cost of living, weather, education, housing, you will see a detailed breakdown of the most important information as well as comparisons to the Minnesota and national averages.
The livability score in Richfield is 73 out of 100 and the city is ranked in the 74th percentile of all cities across America. Based on the rankings for each individual category, Richfield has received high marks for amenities (A+), crime (B) and housing (B). Regrettably for Richfield, there are some categories for which it does not score well, this includes: cost of living (D), weather (F) and education (D-).
Location, location, location - possibly the three most important words in your search for a new place to live. Fortunately, in Richfield, there is no shortage of amazing local amenities and interesting things to do.
Finding affordable real estate and apartments for rent in Richfield can be tricky. Having said that, this area might be the place to get the best of both worlds. Based on factors like home/rental affordability and appreciation rates, this area has received an above average score in the housing category.
Assuming that Richfield meets all of your requirements, the next most important item to examine is the affordability of real estate in Richfield. Everything else becomes a lot less important if it turns out that home prices in Richfield are simply unattainable. Median real estate prices in Richfield come in at $188,100, which is 1.8% lower than the Minnesota average. The home price to income ratio compares the median home prices to the median household income. In Richfield, the home price to income ratio is 3.4, which is 13.3% higher than the Minnesota average. Year over year appreciation rates for homes in the Richfield area were 6.1% and the 5 year appreciation rates came in at 7.9%. Why is this important? Knowing the appreciation rates for any area is a quick and easy way to determine if you will see a solid return on your investment.
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