Richfield, Minnesota Income Statistics
Richfield Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
B
Richfield Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Richfield | Minnesota Avg | US Average |
|---|---|---|---|
| Median Household Income | $84,491 | $89,852 | $80,455 |
| Median Personal Income | $63,299 | $67,028 | $60,758 |
| Average Yearly Income Growth | 5.4% | 4.4% | 4.8% |
| Six-Figure Earners | 14.0% | 15.1% | 13.9% |
| $200k+ Households | 11.6% | 13.8% | 13.2% |
The median household income in Richfield is about 6% lower than in Minnesota. Income has been growing faster in Richfield (5.4%/yr) than in Minnesota (4.4%/yr).
About 14% of adults in Richfield earn six figures ($100,000 or more) a year, lower than the Minnesota average of 15%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Richfield, Minnesota grew by 61.5% from 2009 to 2024, reaching $84,491 in 2024. That's an average of about 5.4% per year.
Income Inequality and the Gender Pay Gap in Richfield
| Metric | Richfield | Minnesota Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.477 | 0.507 | 0.552 |
| Male Median Income | $69,373 | $74,898 | $69,667 |
| Female Median Income | $66,151 | $62,922 | $56,850 |
| Gender Pay Gap | 4.6% | 16.0% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Richfield, it is 0.477, lower than Minnesota's 0.507, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 5% more than women's income in Richfield, Minnesota. Over a 35-year career, a 5% wage gap accumulates to roughly $112,770 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Richfield, Minnesota has narrowed from about 12% to 5% in 2024. In dollar terms, the gap has narrowed by $2,153 since 2009.
Employment
| Metric | Richfield | Minnesota Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 4.1% | 5.2% |
| Working from Home | 18.7% | 17.6% | 15.0% |
| Commute time (minutes) | 21 | 20 | 22 |
Approximately 1,147 people are unemployed in Richfield, Minnesota.
The average commute time in Richfield is 21 minutes, longer than the 20 minutes in Minnesota.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Richfield, Minnesota has fallen from 8.6% to 5.3% in 2024. Over that period the rate peaked at 10.2% in 2013 and fell as low as 3.4% in 2019.
Richfield, MN Wealth Compared With Nearby Cities
Richfield, MN is the smallest of the 6 cities compared here, 36,485 residents against a local median of 64,463. Where Richfield, MN breaks from the cities next to it is income growth, sitting 18% above the local median of 4.5%/yr at 5.4%/yr. That is the better end of the local range on this measure.
The cities themselves spread 1.9%/yr on income growth, so Richfield, MN sits at one end of an already wide local range rather than apart from it. Richfield, MN has the 2nd highest income growth of the 6 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Richfield, MN | 36,485 | $84,491 #5/6 | 5.4%/yr #2/6 | 5.3% #5/6 | 0.477 #2/6 |
| Bloomington, MN | 88,700 | $93,168 | 4.1%/yr | 4.8% | 0.503 |
| Edina, MN | 53,267 | $132,585 | 4.5%/yr | 3.9% | 0.483 |
| Minneapolis, MN | 426,166 | $81,302 | 5.4%/yr | 5.9% | 0.524 |
| St. Louis Park, MN | 49,539 | $101,436 | 4.9%/yr | 3.2% | 0.447 |
| Burnsville, MN | 64,463 | $86,818 | 3.5%/yr | 5.0% | 0.499 |
Conclusion
Considering all these factors, Richfield, Minnesota has an overall wealth index grade of B, making it about on par with Minnesota, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Richfield, Minnesota.
How Rich Is Richfield, Minnesota?
Richfield has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $84,491, about 6% lower than the Minnesota average of $89,852.
How fast is household income rising in Richfield, Minnesota?
Between 2009 and 2024, the median household income in Richfield, Minnesota rose 62%, from $52,312 to $84,491. Over the same years, income here outpaced Minnesota as a whole: +62% against +57%.
What was the median household income in Richfield in 2023?
In 2023, the median household income in Richfield, Minnesota was $84,060, up 4% from $80,909 in 2022. The Minnesota median that year was $88,324.
What was the median household income in Richfield in 2020?
In 2020, the median household income in Richfield, Minnesota was $70,498. By 2024 it had risen 20% to $84,491.
How strong is the job market in Richfield, Minnesota?
Unemployment in Richfield, Minnesota is 5.3%, well above the Minnesota rate of 4.1%, so job seekers may face more competition than elsewhere.
What is the Gini coefficient in Richfield, Minnesota?
The Gini coefficient in Richfield is 0.477. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Richfield, Minnesota?
Since 2009, the income gap between men and women in Richfield, Minnesota has narrowed from about 12% to 5% in 2024. In dollar terms, the gap has narrowed by $2,153 since 2009.
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