Richwood, MN is a small community located in Wright County. It has a population of under 2,000 people and offers its residents a peaceful and rural lifestyle. The two-bedroom rent in Richwood is much lower than the national average at $880 compared to $1,430 across the United States. Additionally, the Grocery Cost Index is also lower than the US average which further lowers the cost of living in Richwood.
The town has many local businesses such as Richwood Hardware & Lumber Supplies, Richwood City Hall, and Sunshine Country Daycare Center that provide goods and services to its residents. There are also plenty of outdoor activities available due to its close proximity to parks and natural areas like Rice Creek Chain of Lakes Park Reserve and Fish Lake Regional Park.
Richwood is an affordable place to live with its low rental rates and grocery prices. The town’s rural location means that there are fewer amenities but it also provides a slower paced environment for those who prefer it over larger cities or towns.
Richwood has an unemployment rate of 5.3%. The US average is 6.0%.
Richwood has seen the job market decrease by -2.2% over the last year. Future job growth over the next ten years is predicted to be 34.0%, which is higher than the US average of 33.5%.
Tax Rates for Richwood
- The Sales Tax Rate for Richwood is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Richwood 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 Richwood
- The average income of a Richwood resident is $37,581 a year. The US average is $37,638 a year.
- The Median household income of a Richwood resident is $58,393 a year. The US average is $69,021 a year.