New Richmond, WI Cost Of Living
Cost Of Living In New Richmond, WI Summary
Cost of living in New Richmond research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means New Richmond is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Wisconsin, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in New Richmond is 98, with 100 being the average.
The cost of living index in New Richmond is 1.0x lower than the national average.
New Richmond ranks as the #65 cheapest in Wisconsin out of 146.
New Richmond ranks as the #2,372 cheapest out of 6,489 in the US.
The median home value in New Richmond is $376,252.
The median income in New Richmond is $87,500.
Table Of Contents
New Richmond's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in New Richmond, WI?
According to the most recent data on the cost of living, New Richmond has an overall cost of living index of 98, which is 1.0x lower than the national index of 100.
Compared to Wisconsin, New Richmond has a cost of living index that's 1.0x higher than Wisconsin's index of 95.
The standard of living in New Richmond ranks as #65 most affordable out of the 146 places we measured in Wisconsin. By definition, that implies New Richmond ranks as the #81 most expensive place in the Badger State.
For more reading on life in New Richmond, check out:
In Wisconsin
In America
New Richmond Cost Of Living Vs. Wisconsin
Six factors go into calculating the cost of living index in New Richmond. Here is how it fairs on each of the criteria:
The Services index in New Richmond is 96.
The Groceries index in New Richmond is 101.
The Health index in New Richmond is 103.
The Housing index in New Richmond is 102.
The Transportation index in New Richmond is 100.
The Utilities index in New Richmond is 92.
| Living Expense | New Richmond | Wisconsin | National Average | |
|---|---|---|---|---|
| Overall | 98 | 95 | 100 | |
| Services | 96 | 98 | 100 | |
| Groceries | 101 | 100 | 100 | |
| Health | 103 | 111 | 100 | |
| Housing | 102 | 88 | 100 | |
| Transportation | 100 | 100 | 100 | |
| Utilities | 92 | 102 | 100 | |
New Richmond, WI Housing Cost Breakdown
Housing swings affordability the most between places in Wisconsin, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in New Richmond is $376,252.
The Median Rent in New Richmond is $1,070.
The Median Income in New Richmond is $87,500.
The Home Value To Income in New Richmond is 4.3x.
The Rent To Monthly Income in New Richmond is 0.15x.
| Statistic | New Richmond | Wisconsin | United States |
|---|---|---|---|
| Median Home Value | $376,252 | $328,216 | $303,400 |
| Median Rent | $1,070 | $1,045 | $1,348 |
| Median Income | $87,500 | $75,670 | $78,538 |
| Home Value To Income | 4.3x | 4.3x | 3.9x |
| Rent To Monthly Income | 0.15x | 0.17x | 0.21x |
Median Home Value
Median Rent
Median Income
New Richmond, WI Costs By Category
Detailed New Richmond Services Costs Vs. Wisconsin
| Item | New Richmond | Wisconsin |
|---|---|---|
| Shampoo | $1.3 | $1.28 |
| Movie | $13.47 | $12.13 |
| Bowling | $21.5 | $18 |
| Haircut | $28.67 | $24.26 |
| Beauty Salon | $34.55 | $45.56 |
Detailed New Richmond Groceries Costs Vs. Wisconsin
| Item | New Richmond | Wisconsin |
|---|---|---|
| Ground Beef | $5.49 | $5.84 |
| Fried Chicken | $1.35 | $1.57 |
| Milk | $4.63 | $4.67 |
| Potatoes | $4.98 | $4.93 |
| Pizza | $12.49 | $12.09 |
| Beer | $9.36 | $10.41 |
| Toothpaste | $3.75 | $3.7 |
Detailed New Richmond Health Costs Vs. Wisconsin
| Item | New Richmond | Wisconsin |
|---|---|---|
| Optometrist | $145.44 | $125.68 |
| Doctor | $229.08 | $135.78 |
| Dentist | $108.67 | $113.29 |
Detailed New Richmond Transportation Costs Vs. Wisconsin
| Item | New Richmond | Wisconsin |
|---|---|---|
| Gasoline | $3.38 | $3.46 |
| Tire Balancing | $61.74 | $59.92 |
Detailed New Richmond Utilities Costs Vs. Wisconsin
| Item | New Richmond | Wisconsin |
|---|---|---|
| All Electricity | $175.38 | $193.99 |
| Phone | $187.39 | $192.25 |
New Richmond SnackAbility
/10
Cost Of Living In Cities Around New Richmond
The cost of living varies in the cities and towns around New Richmond. Here's a quick look at the cost of living in the most populous nearby places:
Plymouth, MN has a cost of living index of 124, 1.3x New Richmond.
Woodbury, MN has a cost of living index of 122, 1.2x New Richmond.
Lakeville, MN has a cost of living index of 119, 1.2x New Richmond.
| City | Population | Cost Of Living | Vs. New Richmond |
|---|---|---|---|
| Plymouth, MN | 79,526 | 124 | 1.3x |
| Woodbury, MN | 76,945 | 122 | 1.2x |
| Lakeville, MN | 72,480 | 119 | 1.2x |
| Maple Grove, MN | 70,539 | 118 | 1.2x |
| Eden Prairie, MN | 63,249 | 124 | 1.3x |
| Minnetonka, MN | 53,256 | 120 | 1.2x |
| Edina, MN | 53,125 | 139 | 1.4x |
| Shoreview, MN | 26,724 | 111 | 1.1x |
| Champlin, MN | 23,450 | 110 | 1.1x |
| Mahtomedi, MN | 8,108 | 122 | 1.2x |
