Cost of Living in New richland, MN
Housing
The housing market plays a significant role in determining the cost of living in New richland, MN.
- Housing Index: 103 / 100
- Median Home Price is: $218,000
- Average Rent (2 BR Apartment): $1560 per month
- Average Rent (2 BR House): $1696 per month
Considering a move to New richland, MN entails evaluating a housing market currently showing a housing index of 103. With a median home price of 218000, purchasing property seems viable; however, the average rent for a 2-bedroom apartment and a house are both listed as 1560 and 1696 respectively. This may indicate a potential lack of rental options or stability in the rental market. Overall, potential homeowners might find this an opportune time to explore ownership over renting given the current pricing.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in New richland, MN.
- Electricity Price: $16.38 USD (median by state)
- Natural Gas Price: $14.87 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $233 per month
Living in New richland, MN could entail higher utility costs. Electricity costs sit at $16.38, while natural gas is priced at $14.87 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $233 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if New richland is a financially viable option for your relocation.