Living in Richmond, Minnesota
Cost of living, income, home prices, rent and demographics of Richmond · Census data 2020–2024
Richmond has 1,431 residents with a median age of 39.5. The median household income is $71,438 (20% lower than the Minnesota median), the median home value is $241,300, the median rent is $648/month.
Richmond is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Richmond at a glance
- Population
- 1,431
- Median age
- 39.5State: 38.8
- Median household income
- $71,438State: $89,062
- Median home value
- $241,300State: $329,300
- Median rent
- $648/moState: $1,280
- Homeowners
- 86.2%
- Bachelor's degree or higher
- 17.8%
- Average commute
- 19 min
Is Richmond a good place to live?
Pros: Home values 27% lower than the state median; an average commute of 19 minutes; unemployment of 1.6%.
Cons: Median household income 20% lower than the Minnesota median; a poverty rate of 10.1%.
The weather is best in June to September.
Cost of living in Richmond
Housing is the biggest part of the cost of living. In Richmond the median home value is $241,300, 27% lower than the U.S. median. Renters pay a median of $648 per month, which is 27.9% of household income. Homeowners with a mortgage pay $1,500 a month in housing costs.
Richmond median household income
The median household income in Richmond is $71,438 and the income per person is $34,659. 10.1% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Richmond: homes for sale and rent
- Housing units
- 602
- Owner-occupied
- 86.2%
- Renter-occupied
- 13.8%
- Vacant
- 3.8%Includes seasonal homes
- Median year built
- 1976
- Average household size
- 2.44
Richmond demographics
- Population
- 1,431
- Median age
- 39.5
- Under 18
- 24%
- 65 and older
- 16.6%
- Households
- 579
- Foreign-born
- 1.2%
- Veterans
- 4.8%Adults 18+
Hispanic or Latino can be of any race. Population history of Richmond ›
Education in Richmond
17.8% of adults 25 and older in Richmond have a bachelor's degree or higher (Minnesota: 39.4%), and 4.2% have a graduate or professional degree.
Jobs and commute in Richmond
- Unemployment rate
- 1.6%State: 4.1%
- Average commute
- 19 minState: 23 min
- Work from home
- 11%
- Drive alone
- 79.6%
- Public transit
- 0.9%
- Walk to work
- 0.7%
- Homes with broadband
- 78.9%
Richmond vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Richmond | 1,431 | $71,438 | $241,300 | $648 |
| Cold Spring | 4,249 | $72,228 | $280,400 | $1,424 |
| St. Martin | 313 | $59,219 | $216,900 | $425 |
| Eden Valley | 1,002 | $67,917 | $161,300 | $922 |
| Rockville | 2,452 | $105,329 | $365,800 | $815 |
| Watkins | 765 | $64,896 | $149,100 | $808 |
| Avon | 1,552 | $91,563 | $245,100 | $1,039 |
| Paynesville | 2,519 | $75,250 | $178,200 | $815 |
| Albany | 2,821 | $69,167 | $238,500 | $642 |
More for people moving to Richmond
Richmond ZIP code ›Weather and climate ›Living in Richmond: FAQ
What is the median household income in Richmond, MN?
The median household income in Richmond is $71,438, 20% lower than the Minnesota median of $89,062 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Richmond?
The median home value in Richmond is $241,300, compared with $329,300 in Minnesota.
How much is rent in Richmond?
The median gross rent in Richmond is $648 per month, about 27.9% of household income.
Is Richmond, MN a good place to live?
Pluses: home values 27% lower than the state median; an average commute of 19 minutes; unemployment of 1.6%. Minuses: median household income 20% lower than the Minnesota median; a poverty rate of 10.1%.
What is the median age in Richmond?
The median age in Richmond is 39.5 years (Minnesota: 38.8).
How long is the commute in Richmond?
The average commute to work in Richmond is 19 minutes; 11% of workers work from home.
What is the unemployment rate in Richmond?
The unemployment rate in Richmond is 1.6% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Richmond?
17.8% of adults in Richmond have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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