ZIP Code 55423 — Richfield city, MN Demographics & Data

ZIP code 55423 covers Richfield, MN in Hennepin County with a population of about 36,779.

At a glance, the area shows median age of 38.9 (near the U.S. median).

It sits in telephone area code 612; U.S. House district MN-5; the MINNEAPOLIS - ST. PAUL media market.

Richfield, MN sits in a university / college context (near academy college (1.5 mi)). Expect stronger interest in student housing, rentals, walkability, transit, and a younger adult age mix versus typical suburban ZIPs.

Median household income in ZIP 55423 is about $84,102 — about 12% above the U.S. median ($75,149).

On socioeconomic markers, US5 shows a poverty rate of 7.3%; unemployment rate near 5.1%; 44.3% of adults with a bachelor’s degree or higher (about 10.6 points above the national share (33.7%)).

Labor and commute patterns include leading industry context around Healthcare, Professional services, and Retail trade; about 15.8% of workers reporting work-from-home (roughly in line with the U.S. share (15.2%)); a mean commute of about 180.0 minutes (U.S. average near 26.8).

Median home value is about $320,300 — about 8% below the U.S. median home value ($348,079).

Housing tenure and rents show median gross rent around $1,266 (about 9% above the U.S. median rent ($1,163)), and owner-occupancy near 62.5% (about 2.9 points below the national owner-occupancy rate (65.4%)).

To comfortably buy a median-priced home in ZIP 55423 in Richfield, MN, a household would need roughly $88,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $2,058. That is roughly in line with the local median household income ($84,102). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

FEMA’s National Risk Index rates natural-hazard risk for Richfield city, MN as Relatively High (composite score 98.3), which is among the highest nationally. The strongest component scores on US5 are flood (98.0) and wildfire (74.9). These scores are county-linked NRI values published for planning context — all ZIP codes in the same county share the same composite score on US5. Useful when comparing insurance and disaster exposure across areas, not a substitute for a parcel-level flood or fire determination.

Climate normals for Richfield city, MN show little to no average snow and around 31.6 inches of annual precipitation.

IRS migration statistics show a net inflow of about 2,611 for ZIP 55423 (Richfield city, MN) on US5’s published series — a signal of people/tax filers moving in relative to those leaving. Inflows often track job growth, housing demand, or lifestyle migration; treat the figure as a directional indicator rather than a precise headcount.