Affordable

What Salary Do You Need to Live in Richfield?

To afford a 2-bedroom in Richfield, you need to earn at least $62,600/year based on estimated fair market rent data. The median household income here is $80,712, which means the typical resident is $18,112 above the threshold.

Census ACS Data Pop. 36,809

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$1,096	$3,653	$43,840	$-36,872
1 Bedroom	$1,299	$4,330	$51,960	$-28,752
2 Bedroom BENCHMARK	$1,565	$5,217	$62,600	$-18,112
3 Bedroom	$1,909	$6,363	$76,360	$-4,352
4 Bedroom	$2,348	$7,827	$93,920	+$13,208

Affordability Breakdown

Where the required salary line crosses above Richfield's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$80,712

Annual household

2BR Required Salary

$62,600

Under 30% rule

Income Gap

+$18,112

Surplus

Verdict

Affordable

Ratio: 23.3%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Richfield

Your Annual Salary

Pre-filled with Richfield's median household income

Max monthly rent you can afford$2,018

Studio

$1,096/mo

1 BR

$1,299/mo

2 BR

$1,565/mo

3 BR

$1,909/mo

4 BR

$2,348/mo

Your salary is $0 above the median income in Richfield.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Richfield's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Richfield

Living in Richfield is well within reach for most median-income earners. With a $18,112 cushion between what residents earn and what a 2-bedroom requires, households in Richfield typically have meaningful financial flexibility after housing costs.

For remote workers or relocators evaluating Richfield, a studio at $1,096/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,909/month remains accessible for dual-income households earning above $76,360.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $93,900 would position you well — though many residents in Richfield manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Richfield, Minnesota.

With a total population of 36,809, the city supports an active civilian workforce of 20,753 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $62,600 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

20,753

Active civilian employees in Richfield

Frequently Asked Questions About Renting in Richfield

What salary do I need to live in Richfield, Minnesota?

To afford a 2-bedroom in Richfield under the 30% rule, you need an annual salary of at least $62,600. The median household income in Richfield is $80,712.

Can I afford a 2-bedroom in Richfield on $80,712?

The affordability verdict for Richfield is "Affordable". The rent-to-income ratio is 23.3%, meaning median earners have a $18,112 surplus.

What is the average rent in Richfield compared to median income?

The median gross rent in Richfield is $1,299/month. With a median household income of $80,712, residents spend approximately 23.3% of their income on rent.

What salary do I need for a studio in Richfield?

A studio in Richfield rents for approximately $1,096/month. Under the 30% rule, you need an annual salary of $43,840 to afford this.

Is Richfield considered an affordable place to live?

Based on the surplus of $18,112 and an affordability verdict of "Affordable", Richfield is considered a affordable rental market when comparing the required 2-bedroom salary of $62,600 to the local median household income.

How Richfield Compares

Other cities in Minnesota with salary requirements