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City Report · MN

Richfield

Pop. 36,642·55th most expensive in Minnesota·Richfield rents are up 8.6% over the past year
Median rent (all units)
$1,412/mo
Year-over-Year
+8.6%
Month-over-Month
+7.1%
vs US Median
-$550
Rising (Monthly)
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Most AffordableMost Expensive
Richfield · $1,412
More affordable than 81% of US cities · National median $1,962/mo
Rent Reality Score
40/100
Fairly priced
OverheatedFairGreat value

Rents are 5% above what Richfield's 10-year trend predicts — running hotter than its own history.

Actual rent
$1,412/mo
Expected by trend
$1,344/mo
The Rent Reality Score compares today's median rent to where Richfield's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,160
1 BR
$1,310
2 BR
$1,600
3 BR
$2,130
4 BR+
$2,390
Fair Market Rent (HUD)
$1,600/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,412 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$16,944/yr
At $1,412/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 8.6% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+8.6% YoY, +7.1% MoM), not inventory.
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Demographics

Who lives here

Richfield, MN is majority owner-occupied, 43.7% of residents hold a bachelor's degree or higher.

Population
36,642
Median income
$85,132
Median age
39.4
Renters
38.4%
Age distribution
18.2%
24.3%
27.1%
19.1%
Under 1818.2%
18–3424.3%
35–5427.1%
55–6411.3%
65+19.1%
Gender
49.9%
50.1%
Male49.9%
Female50.1%
Race & ethnicity
62.2%
17.8%
White62.2%
Black10.8%
Hispanic17.8%
Asian5.5%
Other3.6%
Education (25+)
19.7%
27.9%
43.7%
No HS diploma8.7%
HS diploma19.7%
Some college27.9%
Bachelor's+43.7%
Housing tenure
61.6%
38.4%
Owner61.6%
Renter38.4%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Richfield, MN has changed in 5 years

Rent
$1,089 → $1,412
up 29.7%
Income
$74,301 → $85,132
up 14.6%
Population
36,899 → 36,642
down 0.7%
Renter share
37.5% → 38.4%
+0.9 pts
Bachelor's+
43.7% → 43.7%
+0.0 pts
Median age
37.3 → 39.4
+2.1 yrs

Across the past five years, the going rent in Richfield, MN has shifted from $1,089 to $1,412, up 29.7% since 2021. Household income in the area moved from $74,301 to $85,132 across the same window, up 14.6% versus 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Reading these numbers side by side helps frame whether current listings in Richfield, MN look reasonable against where the market sat half a decade ago.

Community

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View Richfield rent history (2015–2026) →
Salary vs rent

Can you afford rent in Richfield on your salary?

At $1,412/mo, how Richfield rent compares to typical pay (30% rule).

By apartment size

Richfield rent by bedroom count

Median rent for each apartment size in Richfield. Click any size for full breakdown.

Local insights

Tips for renters in Richfield

About renting in Richfield, MN

Last updated: August 17, 2026

The median rent in Richfield is $1,412/mo as of August 2026. A studio apartment averages $1,160/mo while a 2-bedroom runs $1,600/mo. One-bedroom apartments average $1,310/mo and 3-bedroom units go for $2,130/mo.

At 20% of local median household income ($85,132/yr), Richfield ranks as affordable compared to the national benchmark of 30%. Rents have increased 8.6% over the past year.

FAQ

Frequently asked questions

Is Richfield an affordable city for renters?

Richfield is considered very affordable for renters. At $1,412/mo, rent takes approximately 20% of the local median household income ($85,132/yr). The standard benchmark is 30%. Richfield falls comfortably within that range.

How much income do you need to rent in Richfield?

To keep rent at or below 30% of gross income, you would need to earn at least $56,000/year (~$27/hour full-time) to afford the median rent of $1,412/mo in Richfield. The local median household income is $85,132/yr, meaning the typical Richfield household meets that threshold.

Is rent going up or down in Richfield?

Rent in Richfield has increased 8.6% over the past year as of August 2026, putting upward pressure on renter budgets.

How does Richfield rent compare to other cities in Minnesota?

Richfield is one of the more affordable cities in Minnesota for rent, ranking #55 out of 67 tracked cities at $1,412/mo.

What percentage of Richfield residents rent vs. own?

According to Census data, approximately 38.4% of Richfield households are renters, while 61.6% are owner-occupied. Richfield leans toward homeownership, which can mean a smaller rental inventory.

How does Richfield rent compare to the national average?

Richfield's median rent of $1,412/mo is $550 (28%) below the US national median of $1,962/mo. Within Minnesota, it ranks #55 out of 67 tracked cities.
Income Affordability
20%
VERY AFFORDABLE

At $1,412/mo, rent takes ~20% of Richfield's median household income ($85,132/yr). The standard benchmark is 30%.

Richfield 20%Benchmark 30%
State income tax5.35–9.85%
Run the Richfield affordability calculator →
Lowest-rent ZIP codes in Richfield
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Richfield, MN

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