Cost of Living in Richfield, UT

With a cost of living index of 83, Richfield, UT is a very affordable place to live. Living here is 17% cheaper than the national average and 25% below the Utah state average of 108. Richfield is a smaller community of 8,173 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Richfield's cost of living. The median monthly rent is $850 (36% below the US median of $1,319), and the median home value sits at $287,500 (6% below the national median of $304,900). At current prices, the median home costs roughly 3.7x the median household income — a moderately affordable ratio by today's standards.

The median household income in Richfield is $77,847, which is 4% higher than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.