Similar to the surrounding areas, it is a bit less expensive compared to the country as a whole. However compared to the city of Minneapolis, it is significantly less expensive.
Home prices
The median home value in Richmond is $158,200. In comparison to its nearby areas it is is very similar.It is roughly $59,300 (27%) lower compared to the US as a whole, and it is roughly $93,400 (37%) lower compared to the city of Minneapolis.
Rents
In Richmond the median monthly rent is $488. This is roughly $280 (36%) lower compared to its surrounding areas.In comparison to the nation as a whole it is roughly $574 (54%) lower, and is approximately $539 (52%) lower compared to the city of Minneapolis.
Nearby places
Cold Spring
Cold Spring is about 3 miles east of Richmond. The housing prices there are a bit more expensive. The median home price in Cold Spring is $170,300, which is $12,100 (7%) higher than Richmond. Rent there is a lot more expensive. In Cold Spring the median rent is $942 per month, which is $454 (48%) higher than Richmond.
Roscoe
Roscoe is about 5 miles west from Richmond. Its housing prices are significantly less expensive. The median home price in Roscoe is $116,700, which works out to $41,500 (35%) lower than Richmond. The rent there is substantially more expensive. In Roscoe the median rent is $1,250 a month, which works out to $762 (60%) higher than Richmond.
St. Martin
St. Martin is about 6 miles northwest of Richmond. Real estate prices there are a bit less expensive. The median home in St. Martin is valued at $130,700, which is $27,500 (21%) lower than Richmond. Rents there are a lot less expensive. The median rent in St. Martin is $300 a month, which is $188 (62%) lower than Richmond.
Rockville
Rockville is approximately 7 miles east from Richmond. Its real estate prices are a lot more expensive. Rockville's median home price is $254,700, which comes out to $96,500 (37%) higher than Richmond. Rents there are a little more expensive. In Rockville the median monthly rent is $705, which comes out to $217 (30%) higher than Richmond.
Eden Valley
Eden Valley is approximately 8 miles south of Richmond. Its housing prices are significantly less expensive. The median home in Eden Valley costs $112,200, which works out to $46,000 (40%) lower than Richmond. Rent there is somewhat more expensive. The median rent in Eden Valley is $641 a month, which comes out to $153 (23%) higher than Richmond.
