Minnesota · Midwest · 37k residents
Richfield, MN: economy, jobs & business costs
The site-selection read on Richfield: labor costs, talent, corporate tax, energy, and business activity, with the Minnesota median as the yardstick. Compare it live against any of 3,000 US cities.
Data coverage: ACS place data; supplementary fields may use state estimates.
Average weekly wages in the surrounding labor market run $1,480/wk. Minnesota's corporate income tax rate is 9.8%. Commercial electricity averages 12.1¢/kWh.
Compare Richfield side by side
Avg. weekly wage
$1,480/wk
Corporate income tax
9.8%
Bachelor's degree or higher
43.7%
Commercial electricity
12.1¢/kWh
Economic momentum
We don't yet track economic momentum for Richfield. It will rank business formation, jobs, and building-permit growth against the US cities we track.
| ACS median home value | $344,000 |
| Price per sq. ft. | $200 |
| Property tax rate | 1.05% |
| 1-bedroom rent | $1,245/mo |
| 2-bedroom rent | $1,448/mo |
| State & local income tax | 3.68% |
| Sales tax | 7.5% |
| Corporate income tax | 9.8% |
| Avg. weekly wage | $1,480/wk |
| Bachelor's degree or higher | 43.7% |
| Commercial electricity | 12.1¢/kWh |
| Businesses per 1k residents | — |
| Wage: Software developer | $130,050 |
| Wage: Registered nurse | $101,510 |
| Wage: General manager | $99,340 |
| Wage: Customer service | $48,800 |
| Wage: Warehouse worker | $37,120 |
| Wage: Heavy truck driver | $61,990 |
| Wage: Electrician | $78,160 |
| Wage: Retail salesperson | $36,370 |
| Cost of living index | 98 |
| Groceries index | 100 |
| Utilities | $165/mo |
| Transit pass | $85/mo |
| Gas price | $3.15/gal |
| Healthcare index | 102 |
| Childcare (per child) | $1,350/mo |
| Median household income | $85,132 |
| Unemployment rate | 2.9% |
| Population | 37k |
| Crime index | 40/100 |
| School rating | 7.0/10 |
| Walkability | 30/100 |
| Disaster risk | — |
| Avg. commute | 24 min |
| Sunny days / year | 195 days |
| July high | 83°F |
| January low | 9°F |
| Annual snowfall | 51 in |
| Home price YoY | +2.7% |
| Home price MoM | -0.4% |
| Rent YoY | +1.1% |
| Rent MoM | -0.2% |
| Employment (jobs) YoY | — |
| Building permits YoY | — |
| Ocean coast | 1025 mi |
| Big lake | 15 mi |
| Mountains | 494 mi |
| Major airport | 3 mi |
| Ski resort | 137 mi |
Popular comparisons
Nearby
- Bloomington, MN · 89k
- Edina, MN · 53k
- St. Louis Park, MN · 50k
- Burnsville, MN · 64k
- Eagan, MN · 68k
Similar size
- Inver Grove Heights, MN · 36k
- Roseville, MN · 36k
- Andover, MN · 33k
- Savage, MN · 33k
- Maplewood, MN · 41k
Real listings in Richfield
LoopNet ↗Crexi ↗CommercialCafe ↗
Links open third-party listing searches. WhereToHQ has no paid relationship with these sites.
- Is Richfield a good place to run a business?
- Minnesota's corporate income tax rate is 9.8%; average weekly wages in the surrounding labor market run $1,480/wk; commercial electricity averages 12.1¢/kWh. Weigh these against your own priorities in the business comparison tool.
- What is the cost of living in Richfield, MN?
- Richfield indexes at 98 for day-to-day costs against a national baseline of 100, with a typical two-bedroom renting for $1,448/mo and a acs median home value of $344,000.
- How much does a house cost in Richfield?
- The acs median home value in Richfield is $344,000 (Census ACS estimate; individual listings vary).
- How much is rent in Richfield?
- A two-bedroom in Richfield rents for about $1,448/mo.