Español

Este sitio también está en español. Leer en español

City · 36,642 residents · Hennepin County, Minnesota

Richfield , Minnesota

In Richfield, a typical home is worth $344,000 and typical rent is $1,393 a month. Compared with all of Hennepin County, typical household income is 13% lower and the typical home value is 12% lower.

WhatsApp

  • Typical home value

    $344,000

    12% below the county

    4% above Minnesota

    • Richfield
    • Hennepin
    • Minnesota

  • Typical rent

    $1,393a month

    6% below the county

    9% above Minnesota

    • Richfield
    • Hennepin
    • Minnesota

  • Typical household income

    $85,132a year

    13% below the county

    4% below Minnesota

    • Richfield
    • Hennepin
    • Minnesota

  • Households that own their home

    62%

    1 points below the county

    11 points below Minnesota

    • Richfield
    • Hennepin
    • Minnesota

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$342,723
1.6% more than 12 months ago
Typical rent
$1,393 a month
2.5% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Richfield is in Hennepin County. The FHA loan limit ($552,000 for a one-unit home), the fair market rents and the help on this page are those of all of Hennepin County. See the county

Data updated: October 1, 2026 11 official sources

The homes here

Housing in Richfield

What homes there are in Richfield, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house rules in Richfield: 59% of homes, more than in Hennepin County (52%).

Year built

The typical home in Richfield was built in 1959, 14 years before the typical one in Hennepin County.

In Richfield, 26% of homes have 1 bedroom or none (studios); 49% have 3 bedrooms or more, against 52% in Hennepin County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

The FHA loan limit for Hennepin County is $552,000, and about 95% of owner-occupied homes in Richfield are worth less than that.

Monthly rent with utilities

With a mortgage

$1,983 a month

Hennepin County: $2,255 a month

Without a mortgage

$713 a month

Hennepin County: $853 a month

Owners with a mortgage

67%

Hennepin County: 69%

Owning costs less in Richfield: with a mortgage, the typical cost is $1,983 a month; in Hennepin County, $2,255. Without one, $713.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Richfield rose 53% since 2015–2019, more than in Hennepin County (42%).

Much as in Hennepin County, the typical rent in Richfield rose 29% since 2015–2019.

While home values in Richfield changed +53% and rent +29%, the typical household income rose 27%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureRichfieldHennepin CountyMinnesotaUnited States
Rental vacancy Unreliable estimate5.9%5.3%5.5%
Homeowner vacancy Unreliable estimate0.6%0.6%0.9%
More than one person per room 5.2%2.7%2.3%3.4%
People per household 2.192.302.432.53
Drive alone 65%60%69%69%
Carpool 7%6%8%9%
Public transit 4%4%2%3%
Walk or bike 3%4%3%3%
Work from home 19%25%18%15%
Other means 3%2%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

More households are short on space in Richfield: 5.2% have more than one person per room; in Hennepin County, 2.7%.

A household in Richfield has 2.19 people on average, about the same as in Hennepin County (2.30).

The car rules in Richfield: 65% of workers drive to work alone, and the typical trip takes 20 to 29 minutes.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Richfield?

A typical home costs more than the typical income allows

We start with a typical home in Richfield, worth $344,000, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 41% of the typical household income in Richfield, which is $85,132 a year. For that payment to be 28% of income, a household would need to earn about $124,734 a year.

The calculator's FHA and conventional loan limits are those of all of Hennepin County.

Your numbers

Local data
$

Starts at the typical home value in Richfield. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $12,040 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$2,910

at 7.18% · 30 years

Loan amount
$337,769
Total interest
$485,971
Paid off in
November 2056

Includes $5,809 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,986 a month

  • Tight

    $1,986 to $2,554 a month

  • Hard

    more than $2,554 a month

    Your payment · 41%

Compared with the typical household income in Richfield ($85,132 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,910
Principal & interest$2,288
Property tax$327
Home insurance$143
FHA mortgage insurance (MIP)$152

You need at least $12,040 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Richfield and Hennepin County

Richfield is in Hennepin County, Minnesota. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Richfield's own numbers

Typical home value
$344,000
Typical monthly rent
$1,393
Typical yearly household income
$85,132
Households that own their home
62%
Effective property tax rate
1.14%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Hennepin County

FHA limit, one-unit home
$552,000
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,734
Price change over 5 years (FHFA)
+30%
Homes in a high flood-risk zone
0.5%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Hennepin County.

Everything about Hennepin County

Buying

Buying a home in Richfield

A typical home in Richfield is worth $344,000: 12% below the county and 4% above Minnesota. With the typical household income in Richfield ($85,132 a year), a typical home costs 4.0 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Richfield 4.0 years
  • Hennepin 4.0 years
  • Minnesota 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Hennepin County

According to FHFA’s house price index, home prices in Hennepin County rose 65% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Hennepin County.

Period County Minnesota U.S.
Last year (2025) +3.0% +2.8% +2.9%
5 years (2020–2025) +30% +37% +47%
10 years (2015–2025) +65% +71% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Richfield next to Hennepin County, Minnesota and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Richfield $344,000
  • Hennepin $392,900
  • Minnesota $329,300
  • United States $332,700
Typical monthly rent
  • Richfield $1,393
  • Hennepin $1,487
  • Minnesota $1,280
  • United States $1,413
Typical yearly household income
  • Richfield $85,132
  • Hennepin $97,653
  • Minnesota $89,062
  • United States $80,734
See the full table
Richfield next to Hennepin County and Minnesota
Measure Richfield Hennepin County Minnesota U.S.
Typical home value $344,000 $392,900 $329,300 $332,700
Typical monthly rent $1,393 $1,487 $1,280 $1,413
Typical yearly household income $85,132 $97,653 $89,062 $80,734
Households that own their home 62% 63% 72% 65%
Typical yearly property tax $3,905 $4,480 $3,357 $3,119
Effective property tax rate 1.14% 1.14% 1.02% 0.94%
Renters with high rent for their income 44% 48% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Hennepin County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Richfield

For a typical $344,000 home in Richfield, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Richfield's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,910a month

    Least cash to close
    Down payment
    $12,040
    Cash to close
    $22,360
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $152

  • Conventional, 5% down $2,847a month

    Down payment
    $17,200
    Cash to close
    $27,520
    Rate
    7.18%
    Mortgage insurance
    PMI · $163

  • Conventional, 20% down, no PMI $2,334a month

    Down payment
    $68,800
    Cash to close
    $79,120
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,652a month

    Down payment
    $51,600
    Cash to close
    $61,920
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Richfield and for Hennepin County.

Property tax

Effective rate in Richfield

1.14%of the home’s value each year

$3,905 a year for the typical owner in Richfield.

  • Richfield 1.14%
  • Hennepin 1.14%
  • Minnesota 1.02%

What Minnesota publishes Homestead market value exclusion (Minnesota Office of the Revisor of Statutes (Minnesota Statutes))

Exemptions and deadlines in Minnesota

Flood risk in Hennepin County

FEMA does not publish these numbers by city: they are for all of Hennepin County.

Homes in the high-risk zone
0.5%
1,992
Of those, with NFIP insurance
15%
County Minnesota U.S.
Homes in the high-risk zone 0.5% 0.7% 3.5%
Of those, with NFIP insurance 15% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Richfield

Typical rent in Richfield is $1,393 a month: 6% below the county. In Richfield, 44% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Hennepin County, by unit size. To pay the 2-bedroom one ($1,734 a month) without spending more than 30% of your income, you would need to earn $33.35 an hour working full time.

HUD fair market rent for all of Hennepin County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,265 $24.33 $50,600
1 bedroom $1,427 $27.44 $57,080
2 bedrooms $1,734 $33.35 $69,360
3 bedrooms $2,264 $43.54 $90,560
4 bedrooms $2,538 $48.81 $101,520

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Richfield

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Richfield is in ZIP code 55423.

For 2 bedrooms it is $1,740: $6 more than the fair market rent for Hennepin County ($1,734).

  • 55423 $1,740$2,270

A ZIP code counts for Richfield when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Richfield

HUD lists 5 buildings with rents for lower incomes in Richfield. These are the largest.

  • Richfield Towers 7717 Chicago Ave, Richfield 55423 150 low-income homes · For older adults (612) 866-6600
  • Sheridan Court 2500 W 66th St, Richfield 55423 30 low-income homes · For people with disabilities (612) 888-6065
  • Lyndale Plaza Apartments 6401 Lyndale Ave S, Richfield 55423 94 homes, 19 low-income · 1 bd: 55 · 2 bd: 28 · 3 bd: 11 · In service since 2013
  • Robert Will Community Housing 6345 Pleasant Ave, Richfield 55423 11 low-income homes · For people with disabilities (651) 291-1750
  • Boulevard Apartments 7645 Lyndale Ave S, Richfield 55423 56 homes, 8 low-income (763) 296-0572

See all 329 buildings in Hennepin County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Richfield

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 8 HUD-approved agencies with an office in Hennepin County; 3 say they serve in Spanish.

A young woman and a young man point to a line in their notes beside a laptop in a library.

HUD counseling is free or low-cost

Assistance programs in Richfield

No down payment, repair or rent-help program on our list is for Richfield or Hennepin County. The ones below are statewide in Minnesota: they work in Richfield the same as in the rest of the state.

Which programs do I qualify for? All programs in Minnesota

  • Deferred Payment Loan (Start Up)

    Statewide in Minnesota

    Minnesota state agency loan for the down payment and closing costs alongside the Start Up mortgage for first-time buyers: up to $14,000 (or $18,000 in the Plus version), with no interest or monthly payments, repaid at the end of the mortgage. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Deferred

    See the program Official page

  • Monthly Payment Loan

    Statewide in Minnesota

    Minnesota Housing loan of up to $14,000 for the down payment and closing costs, which you repay over 15 years at the same rate as your Minnesota Housing mortgage; it works with Start Up (first-time buyers) or Step Up. Offered by Minnesota Housing (Minnesota Housing Finance Agency).

    Repayable

    See the program Official page

Housing counselors near Richfield

The HUD-approved agencies closest to the center of Richfield, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Prg, Inc.

    2017 E 38th St, Minneapolis · 5 miles away

    • Pre-purchase counseling
    • Homebuyer education workshops
    (612) 721-7556

  • Isuroon

    1600 E Lake St, Minneapolis · 5 miles away

    Also serves in Arabic and other languages.

    • Budget and financial counseling
    • Budget and credit workshops
    • and 6 more
    (612) 886-2731

  • Lutheran Social Service of Minnesota

    2400 Park Avenue, Minneapolis · 6 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 1 more
    (888) 577-2227

Every agency in Hennepin County All counseling agencies in Minnesota

Help in Spanish near Richfield

None of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Richfield

HUD’s record names them for Richfield or Hennepin County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

6 other authorities have an office in Hennepin County: see the list Source: HUD

Cities

Other cities in Hennepin County

These cities are also in Hennepin County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Hennepin County Housing in Minnesota
See 13 more cities in Hennepin County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Richfield, with the typical home value.

Neighboring counties

If Hennepin County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Richfield.

All guides
A father smiles as he carries his baby on his shoulders outdoors.

Questions

Housing questions about Richfield

Short answers with the numbers for Richfield and all of Hennepin County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Richfield?

The typical home value in Richfield is $344,000, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Hennepin County it is $392,900.

How much does it cost to rent in Richfield?

Typical rent in Richfield is $1,393 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Hennepin County is $1,734.

What is the FHA loan limit in Richfield?

Richfield uses the FHA limit for all of Hennepin County (2026): $552,000 for a one-unit home and $1,061,550 for a four-unit home.

How much property tax do owners pay in Richfield?

The typical homeowner in Richfield pays $3,905 a year, according to the U.S. Census Bureau. That is 1.14% of the home’s value; in Hennepin County, the rate is 1.14%.

Where can I find free help to buy or rent in Richfield?

There are 8 HUD-approved counseling agencies with an office in Hennepin County. 3 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).