Salary & Cost of Living in Richfield, MN
Richfield, MN: $65,364 median salary, cost of living index 94.3, $10.85/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$65,364
$31/hr
Cost of Living
94.3
US avg = 100
Minimum Wage
$10.85
per hour
Unemployment
2.7%
rate
Richfield, MN Overview
Population
36,396
Median Salary
$65,364
Average Salary
$73,208
Avg Commute
18 min
Median Home Price
$302,000
Median Rent
$1,226/mo
Job Growth
+2.2%
Sales Tax
6.875%
Richfield is located in Minnesota with a population of 36,396. The median household salary is $65,364 per year ($31/hour), which is $5,980 above the national median of $59,384. The average commute time is 18 minutes, and the city has a job growth rate of +2.2%.
Richfield Salary by Experience Level (2026)
Wage distribution in Richfield, MN based on BLS percentile breakdown of the $65,364 median salary. Entry-level represents 10th–25th percentile; mid-level is the median; senior-level represents 75th–90th percentile.
| Experience Level | Annual Salary | Hourly Wage | Years Exp |
|---|---|---|---|
| Entry-Level | $40,526 | $19.49/hr | 0–2 years |
| Mid-Level (Median) | $65,364 | $31.43/hr | 3–7 years |
| Senior-Level | $92,817 | $44.63/hr | 8–15 years |
| Top 10% (90th Percentile) | $116,348 | $55.95/hr | 15+ years / leadership |
Percentile multipliers (62%, 100%, 142%, 178%) derived from 2024 BLS Occupational Employment and Wage Statistics distribution across all occupations in metro areas. Specific roles vary; see jobs by city for role-specific data.
Richfield Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Richfield, MN, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$49,239
$4,103.21/month · $1,893.79/biweekly · Effective Rate: 24.7%
Gross Pay
$65,364
Federal Tax
-$5,994
State Tax
-$5,131
Local Tax
$0
FICA
-$5,000
Net Pay
$49,239
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $5,447.00 | $65,364.00 |
| Federal Income Tax | -$499.51 | -$5,994.08 |
| Minnesota State Tax (7.85%) | -$427.59 | -$5,131.07 |
| Social Security (6.2%) | -$337.71 | -$4,052.57 |
| Medicare (1.45%) | -$78.98 | -$947.78 |
| Net Take-Home Pay | $4,103.21 | $49,238.50 |
Salary Comparison: Richfield vs Other Cities
See how Richfield's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Richfield, MN | $65,364 | 94.3 | $69,315 |
| National Average | $59,384 | 100 | $59,384 |
| Turlock, CA | $65,368 | 151.3 | $43,204 |
| West Orange, NJ | $65,391 | 124.5 | $52,523 |
| Troy, NY | $65,398 | 129.5 | $50,500 |
| Perth Amboy, NJ | $65,407 | 123.2 | $53,090 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Richfield
Richfield's cost of living index is 94.3 (national average = 100). Living in Richfield is 5.700000000000003% less expensive than the national average.
Median Home Price
$302,000
Median Monthly Rent
$1,226
Annual Rent Cost
$14,712
Your Salary's Purchasing Power
Your $49,239 annual take-home pay in Richfield has the purchasing power of approximately $52,215 in an average-cost US area. Your $65,364 salary stretches further here than in most US cities.
Top Industries in Richfield
Richfield's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $65,364.
Salary Tips for Richfield Workers
- Maximize pre-tax deductions. With a 7.85% state income tax rate, maximizing 401(k) contributions (up to $24,500 in 2026) and HSA contributions can significantly reduce both your federal and state tax burden.
- Research top industries. Richfield's top industries include Healthcare, Finance, Manufacturing. Targeting roles in these sectors can help you earn above the $65,364 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
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Frequently Asked Questions
What is the median salary in Richfield, MN?
The median salary in Richfield, MN is $65,364 per year, or $31 per hour. The average salary is $73,208. This is $5,980 above the national median of $59,384.
What is the cost of living in Richfield, MN?
Richfield's cost of living index is 94.3 (national average = 100), meaning it is 5.700000000000003% less expensive compared to the national average. The median home price is $302,000 and the median monthly rent is $1,226.
What are the best industries in Richfield?
The top industries in Richfield, MN include Healthcare, Finance, Manufacturing. The city has a job growth rate of 2.2% and an unemployment rate of 2.7%. Workers in these industries often earn above the city's median salary of $65,364.
How does Richfield's salary compare to other cities?
Richfield's median salary of $65,364 is 10.1% above the national median of $59,384. However, when adjusted for cost of living (index: 94.3), the real purchasing power is approximately $69,315.
What is the minimum wage in Richfield, MN?
The minimum wage in Richfield, MN is $10.85 per hour. This equals approximately $22,568 per year for a full-time worker (40 hours/week). This is $3.60 above the federal minimum wage of $7.25/hour.