Cost Of Living in Richmond, MN

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A+

6%

Overall NAT. AVG.

0%

Groceries NAT. AVG.

20%

Housing NAT. AVG.

Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.

The cost of living index is based on a national average of 100. For example, if the cost of living score is 90, then the estimated cost of living is 10% lower than the national average. If the score is 110, then the estimated cost of living is 10% higher than average. The overall index is calculated using weighted estimates across major everyday expense categories, including housing (30%), groceries (16%), transportation (12%), healthcare (10%), utilities (8%), lifestyle and entertainment (8%), household expenses (8%), and education and childcare (8%). All values are AI-assisted city-level estimates designed for directional comparisons.
Index	Richmond	Minnesota	National
Cost of living	94	100	100
Groceries	100	100	100
Health care	99	100	100
Housing	80	100	100
Transportation	100	100	100
Utilities	106	104	100
Lifestyle & Entertainment	101	100	100
Household Items	102	100	100
Education & Childcare	99	99	100

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Homes For Sale In Richmond, MN

21115 Elkview Cir

Richmond, MN

19526 Elmcrest Rd

Richmond, MN

20927 Big Lake Rd

Richmond, MN

34 Ivy Ave NE

Richmond, MN

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Cost Of Living Quick Facts

The cost of living in Richmond is 6% lower than the Minnesota average
The cost of living in Richmond is 6% lower than the national average
Richmond housing is 20% lower than the national average
Minnesota general sales tax is 35% higher than the national average
Minnesota state income tax is 106% higher than the national average

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Price difference in compared to

Cost of living index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Lifestyle index
Household index
Educare index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$91,723	$7,644	$2,140	$2,752
Renters	$27,163	$2,264	$634	$815

Minnesota Sales Tax

State	General Sales Tax	With Max Surtax
Minnesota	6.875%	7.875%

Minnesota Income Tax

State	Income Tax (Low)	Income Tax (High)
Minnesota	5.35%	9.85%

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Watkins, MN	893	87	13.0%
Eden Valley, MN	1,039	90	9.6%
New Munich, MN	319	90	9.5%
Roscoe, MN	134	91	8.8%
Paynesville, MN	2,578	92	8.4%
Richmond, MN	1,421	94	5.5%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Virginia, IL	1,421	83	17.2%
Bel Air CDP, MD	1,421	100	0.1%
White Sands, NM	1,421	108	8.4%
Milroy, PA	1,421	87	13.3%
Matagami, QC	1,421	n/a
Richmond, MN	1,421	94	5.5%

Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.

Cost of Living in Richmond, MN

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Cost Of Living Quick Facts

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Median Income & Debt-To-Income Ratio

Minnesota Sales Tax

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Nearby cities with low cost of living

Cities with similar population