New Richmond, WI is an affluent suburb of the Twin Cities with a population of 8,000. The local economy is largely driven by agriculture and tourism, with several notable companies in the area such as 3M, Cargill Inc., and SuperValu. The cost of living in New Richmond is low compared to other parts of the country – for instance, two bedroom rent is $1,240 versus $1,430 in the US, and the Grocery Cost Index is 100 versus 100 in the US. All these factors make New Richmond a great place to live for those looking for an affordable lifestyle near a vibrant city center.
New Richmond has an unemployment rate of 4.5%. The US average is 6.0%.
New Richmond has seen the job market increase by 1.1% over the last year. Future job growth over the next ten years is predicted to be 37.1%, which is higher than the US average of 33.5%.
Tax Rates for New Richmond
- The Sales Tax Rate for New Richmond is 5.5%. The US average is 7.3%.
- The Income Tax Rate for New Richmond is 6.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for New Richmond
- The average income of a New Richmond resident is $25,516 a year. The US average is $28,555 a year.
- The Median household income of a New Richmond resident is $71,827 a year. The US average is $69,021 a year.