Cost of Living in Richmond, MN
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
96.5
100 = national avg
-3.5 vs national average
Living Wage (1 Adult)
$42,458
per year
Living Wage (Family of 4)
$100,356
per year
Cost Index by Category
Housing86.9
Food101.5
Transportation103.0
Healthcare101.2
Utilities98.3
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$919
per month
2 Bedroom
$1,206
per month
The overall cost of living index in Richmond is 96.5, which is 3.5% below the national average. Housing costs are below the national average at an index of 86.9. A single adult needs to earn approximately $42,458 per year to cover basic expenses.