New Ulm, MN vs Richfield, MN

There is a significant gap in the cost of living between these two cities. New Ulm is 26.4% cheaper than Richfield. With a cost index of 76 vs 103, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from New Ulm to Richfield should plan for substantially higher expenses across most categories.

On the housing front, median rent in New Ulm is $974/month compared to $1,334/month in Richfield — a 27% difference. Home values follow the same pattern: New Ulm is more affordable at $192,700 median vs $320,400.

Median household income in New Ulm is $63,984 compared to $84,055 in Richfield (-23.9%). The higher salaries in Richfield partially offset the cost difference, but don't fully close the gap. Looking at affordability, residents of New Ulm spend roughly 18.3% of their income on rent, less than the 19% in Richfield.

Climate-wise, both cities share similar average temperatures (45.4°F vs 46.9°F). Richfield receives more rainfall at 31.6" per year compared to 28" in New Ulm.