Housing costs in Richmond?
A typical home costs
$332,300, which is 1.7% less expensive than the national average of
$338,100 and 7.4% more expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Richmond costs
$840 per month, which is 32.3% cheaper than the national average of
$1,240 and 15.5% cheaper than the state average of
$970.
Can I afford Richmond?
To live comfortably in Richmond (zip 56368), Minnesota, a minimum annual income of
$63,720 for a family, and
$26,800 for a single person is recommended.
What does A.I. say about Richmond?
The cost of living in 56368 Richmond, MN is quite affordable. The area has a low unemployment rate and the housing market is relatively stable. Rent for a one-bedroom apartment averages around $417 per month while the median home value in Richmond is about $126,200. Groceries are also reasonable, with a typical family spending just under $50 on groceries each week. In addition, gas prices tend to be lower than the national average and public transportation is available in the city. All in all, the cost of living in Richmond is quite reasonable and allows for an enjoyable quality of life.