Housing costs in Richfield?
A typical home costs
$305,400, which is 9.7% less expensive than the national average of
$338,100 and 1.3% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Richfield costs
$1,390 per month, which is 2.8% cheaper than the national average of
$1,430 and 10.8% more than the state average of
$1,240.
Can I afford Richfield?
To live comfortably in Richfield, Minnesota, a minimum annual income of
$58,680 for a family, and
$45,200 for a single person is recommended.
What does A.I. say about Richfield?
The cost of living in Richfield, MN is relatively high compared to other areas of the state. The city has a median home value of $246,200, which is significantly higher than the Minnesota average of $179,400. Groceries and health care expenses are also higher than the national average, with prices in line with those seen in larger cities like Minneapolis and St. Paul. However, despite the higher cost of living in Richfield, many people find it worth it due to its close proximity to major cities and easy access to amenities. All in all, Richfield is a great place to live for those who don't mind spending a bit more money on everyday expenses.