Housing costs in Richmond?
A typical home costs
$320,200, which is 5.3% less expensive than the national average of
$338,100 and 3.5% more expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Richmond costs
$820 per month, which is 42.7% cheaper than the national average of
$1,430 and 51.2% cheaper than the state average of
$1,240.
Can I afford Richmond?
To live comfortably in Richmond, Minnesota, a minimum annual income of
$61,200 for a family, and
$26,400 for a single person is recommended.
What does A.I. say about Richmond?
Richmond, MN offers a pleasant and affordable cost of living. The city's per capita income is slightly above the national average at $30,913 and the median home value is approximately $130,000. Rent for one-bedroom apartments in Richmond averages around $820 per month. Utilities are also quite reasonable, with electric bills averaging around $100 per month and natural gas bills coming in around $50 per month. Groceries and other basic necessities are also generally affordable. With a low cost of living combined with a picturesque environment and plenty of activities to enjoy, Richmond is an ideal destination for those looking for a great place to live.