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Richfield city, MN

ZIP 55423 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 55423

Median Home Value
$320,300
Median Rent
$1,266
Affordability Snapshot
$88,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,058/mo PITI).

18%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

3.8x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

21.1 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 55423 in Richfield city, 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.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
62.5%-4% vs US avg
x
Vacancy Rate
3.2%-69% vs US avg
x
Broadband Access
90.4%+4% vs US avg
x
4+ Bedrooms
2.8%-81% vs US avg
x
Built Pre-1939
16.9%+32% vs US avg
x
Built Post-2014
0.9%-87% vs US avg
x
Rent Burden >30%
24.0%-52% vs US avg
x
Mortgage-Free
33.9%-11% vs US avg
x
$320,300
Home Value
$1,266
Rent
1959
Year Built
2013
Moved In

Residents have lived here since ~2013 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached59.2%
  • 1-unit attached2.3%
  • 2-9 units5.6%
  • 10+ units32.7%
  • Mobile home & other0.2%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$320,300
Median rent$1,266
Owner-occupied62.5%
Vacant3.2%
Price-to-income3.8x
Est. income to buy$88,000