Richfield, MN is an inviting suburb close to the Twin Cities area. It is home to many local businesses such as Best Buy, Famous Dave's BBQ, and Minnesota Rubber & Plastics. Richfield has a cost of living that is lower than the US average. The most notable difference in price can be seen in rent for 2 bedroom apartments which are approximately $1,390 in Richfield compared to $1,430 nationally. Grocery costs in Richfield are also slightly lower with an index rating of 101 versus 100 for the US overall.
Richfield has an unemployment rate of 4.3%. The US average is 6.0%.
Richfield has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 33.8%, which is higher than the US average of 33.5%.
Tax Rates for Richfield
- The Sales Tax Rate for Richfield is 7.5%. The US average is 7.3%.
- The Income Tax Rate for Richfield is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Richfield
- The average income of a Richfield resident is $28,089 a year. The US average is $28,555 a year.
- The Median household income of a Richfield resident is $74,301 a year. The US average is $69,021 a year.