Richfield, Minnesota.
Typical home $342,723 (+1.6% in a year), asking rent $1,393 (+2.5%). Minneapolis-St. Paul-Bloomington, MN-WI metro.
to buy the typical home at today's mortgage rate — +$835 (+87%) since Jan 2020.
- 1 year
- Up $5,437 +2%
- $337,286$342,723 since Sep 2025
- 5 years
- Up $36,300 +12%
- $306,424$342,723 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Richfield$1,799
- Minnesota$1,831
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 31 years.
Typical home values in Richfield, MN rose 1.6% over the past year — faster than the nation's +1.2%.
Asking rents in Richfield, MN rose 2.5% over the past year — in step with the nation.
Owning the typical home in Richfield runs $1,099/mo more than renting one. The gap peaked at $1,200 in Oct 2023.
That is $2,491 a month against $1,393 rent: a $1,799 mortgage payment, plus $326 property tax and $367 insurance & upkeep.
Owning vs renting — Richfield
The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.
- Owning all in$2,491
- Renting$1,393
- Mortgage only$1,799
Property tax · $326/mo 1.14% of value a year — the ACS 2020-2024 median bill over the median home value for Hennepin County, MN
Insurance & upkeep · $367/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.
Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.
Living in Richfield, Hennepin County, Minnesota
Richfield is a city of 36,994 people in Hennepin County. Half its households earn more than $85,132 a year and half less, against $97,653 across Hennepin County; 8% of its people live below the poverty line. 62% of its homes are lived in by their owners and 38% are rented. Unemployment in Richfield was 4.2% in August 2026, and Hennepin County had 0.2% more jobs in 2025 than the year before. The most residents work in schools and health care, then professional services.
Written by AI Claude Sonnet 5.5 wrote this on 24 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Richfield is a city in Hennepin County, just south of Minneapolis, and a good share of its residents are in their middle years, with most homes lived in by their owners and a sizable group of renters too. Household incomes run below the county's, and typical home values and rents sit in the range of an established inner-ring suburb. Winters are cold and snowy, with January the coldest month, while July brings warm summer days, and precipitation is spread through the year.
Work. Residents work mostly in schools, hospitals and social care, followed by professional and business services, banks, insurance and property, and shops. Among the largest workplaces in Richfield are the Richfield Public School District, Menards and the City of Richfield. Unemployment has edged up from a year earlier, and across Hennepin County the number of jobs has been close to flat, and many residents have a four-year degree.
Things to do. The Minneapolis Institute of Art and the Walker Art Center, both museums, are a short drive away. Saint Anthony Falls, a waterfall on the Mississippi, is also a short drive away, and so is Target Field, a stadium where baseball is played. Fort Snelling, a historic fort, is a short drive as well.
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- 16,547households
- 44%of adults have a degree
- 8%below the poverty line
- 23 mintypical commute
- 19%work from home
What residents work in
Employed residents by industry, from the Census survey. Hennepin County had 919,062 jobs in 2025, 0.2% more than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 24° and lows near 9°; warmest in July, with highs near 83° and lows near 65°. About 51 inches of snow and 32 inches of rain and melted snow a year.
Average daily high and low, 1991–2020, at the Minneapolis/st Paul Airport weather station, 3 miles away (NOAA).
Largest workplaces in Richfield
- Richfield Public School DistrictSchool district687FTE
- Menards"home centers"202
- City of RichfieldGeneral public administration152
- Village ShoresAssisted living92
- Allina Health Richfield Clinic86
- Presbyterian Homes & Services63
- SciTech Academy Charter SchoolSchool district62FTE
- Richfield PoolSwimming pools60
Staff on average in 2025, as each workplace reported it to OSHA with its injury records: 25 workplaces with 20 or more staff, 1,657 people in all. School districts come from the Common Core of Data (NCES, 2023–24); FTE marks full-time equivalent staff. Not listed: many offices and banks, which need not report to OSHA; military bases, whose staff OPM withholds; and, in about half the states, city and county governments.
Natural hazards
- Cold wavesRelatively high
- HailRelatively moderate
- Heat wavesRelatively moderate
- Tornadoesrelatively high in parts of RichfieldRelatively moderate
- Winter weatherRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Richfield’s census tracts, against the rest of the country; all of them together, relatively low. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Hennepin County and the Minneapolis-St. Paul-Bloomington, MN-WI metro.
Richfield home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- Richfield$342,723
- Minnesota$348,778
- United States$366,157
Sellers are cutting prices on about 1 in 3 Richfield listings, and the typical home goes pending in 18 days — the market is cooling.
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Share of listings with a price cut
The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.
- Richfield29.16%
- United States26.90%
Days to pending
How long the typical listing takes to go under contract.
- Richfield18
- United States27
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Richfield121
New listings per month
Sellers arriving at the market.
- Richfield47
Median sale price
What buyers actually paid — closed sales, not asking prices.
- Richfield$350,374
- United States$371,407
Sale-to-list ratio
Above 100%, homes sell over asking; below, buyers negotiate wins.
- Richfield100.85%
Zip codes with a Richfield address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Richfield — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.