Monticello, MN vs Richfield, MN

Monticello, MN and Richfield, MN have a very similar cost of living, with only a 2% difference in their overall index. Monticello scores 105 while Richfield scores 103 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Monticello is $1,462/month compared to $1,334/month in Richfield — a 10% difference. Interestingly, home values tell a different story: while Richfield has cheaper rent, Monticello actually has lower median home values ($298,400 vs $320,400).

Median household income in Monticello is $81,563 compared to $84,055 in Richfield (-3%). Richfield offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Monticello spend roughly 21.5% of their income on rent, more than the 19% in Richfield.

Climate-wise, Richfield is notably warmer with an average of 46.9°F compared to 42.9°F in Monticello. Richfield receives more rainfall at 31.6" per year compared to 28.5" in Monticello.