Cost of Living in Richfield, MN (2025 Guide)

by Arne Johansson

If you’re thinking about moving to Richfield, Minnesota, one of the first questions you’ll ask is: What’s the cost of living like? As a local Realtor who works in South Minneapolis, Richfield, Edina, and Lake Nokomis, I help buyers and sellers every day understand not just the housing market—but the full picture of living costs.

Here’s your 2025 Cost of Living Guide to Richfield, MN.

Housing Costs in Richfield

Housing is the biggest factor in Richfield’s affordability.

Median Home Price (2025): ~$350,000
Typical Rent for a 2-Bedroom Apartment: $1,400–$1,700/month
Property Taxes: Average of 1.1–1.3% of assessed value

Compared to Edina or Minneapolis, Richfield homes often provide more square footage for less money while still keeping you close to the city.

Utilities & Transportation

Utilities (gas, electric, water, trash): $180–$250/month for a typical home
Internet & Cable: $60–$100/month
Gas Prices: Typically close to the state average (~$3.40/gal in 2025)
Commute Times: 15 minutes to downtown Minneapolis, 5 minutes to MSP Airport, 10 minutes to Mall of America

Richfield is one of the most commuter-friendly suburbs in the Twin Cities.

Food & Dining

Groceries: About 5–10% lower than in Minneapolis
Local Favorites: Richfield has some great neighborhood spots like Andale Taqueria, Pizza Luce, and Woodlake Market.
Dining Out: Expect to spend $15–$20 per meal at casual restaurants.

Healthcare & Insurance

Richfield residents benefit from nearby Fairview Southdale Hospital and several local clinics.
Health insurance premiums vary, but Minnesota tends to run slightly below national averages.

Lifestyle & Extras

Fitness Memberships: $30–$60/month
Childcare: $1,200–$1,500/month per child (a key cost for families)
Entertainment: Twins, Vikings, and Timberwolves games are just 15–20 minutes away.

How Richfield Compares

More affordable than Edina or Southwest Minneapolis
Similar to Bloomington
Slightly higher than outlying suburbs (Burnsville, Eagan, Apple Valley)

This balance makes Richfield an excellent choice for families, young professionals, and anyone looking for value + convenience.

Final Take: Is Richfield Affordable in 2025?

Yes — Richfield remains one of the best values in the Twin Cities. With strong housing demand, accessible pricing, and unbeatable location, it’s the perfect blend of urban access and suburban comfort.

Ready to Buy or Sell in Richfield?

If you’re planning a move, you need a Realtor who understands not just the numbers—but the lifestyle, market trends, and financial details that matter most.

📲 Call or text Arne Johansson at 612-423-0202
📧 arnejrealestate@gmail.com

I’m a local Realtor, builder, and investor specializing in Richfield, South Minneapolis, Edina, and Lake Nokomis. Whether you’re relocating or already live here, I’ll help you make the right move.