$1,795 Per Month
- 2 Beds
- 1 Bath
- 980 Sq Ft
- Apartment for Rent
316 W 64th St, Richfield, MN 55423
316 W 64th St, Richfield, MN 55423
Frequently Asked Questions
How much does it cost to rent a home in Richfield, MN?
The median rent for a home in Richfield, MN is $2,232 per month, though prices vary by neighborhood, size, and property type. As of June 2026, condos tend to be the most affordable option while single-family homes and townhouses are currently more expensive.
How much do you need to make to afford rent in Richfield, MN?
To comfortably afford the median rent in Richfield, MN, a household needs to earn roughly $89,280 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,232 per month in Richfield, MN, renters typically need to show $6,696 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Richfield, MN?
In Richfield, MN, the price-to-rent ratio is 13.1, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Richfield, MN are best for renting a home?
The best neighborhood for renting in Richfield, MN depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Windom, South Loop, Kingfield, Whittier and East Bloomington, each with its own character and price range.
