New Richmond, WI

Below Avg · 83

Wisconsin · Population 10,334 · Updated March 2026

$1,070
Median Rent / Month
$87,500
Median Income
$269,000
Median Home Value
$1,289
Owner Costs / Month

Affordability

How far your income goes in New Richmond

14.7%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Wisconsin

State-level tax rates that affect your costs

7.65%
Income Tax (Top Rate)
5.0%
Sales Tax
1.61%
Property Tax Rate

Estimated Annual Costs

$12,840
Annual Rent
$6,694
State Income Tax
$4,331
Property Tax (est.)

Cost of Living Overview

New Richmond is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 83 (where 100 equals the national median), New Richmond residents can expect to pay median rent of $1,070/month while earning a median household income of $87,500/year.

The median home value in New Richmond, WI is $269,000, with typical monthly owner costs around $1,289 including mortgage, insurance, and taxes. The median rent-to-income ratio of 14.7% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Wisconsin has a moderate income tax rate of 7.65%. Combined with a 5.0% sales tax rate and 1.61% effective property tax rate, the overall tax environment is a factor in the total cost of living in New Richmond.

Frequently Asked Questions

Common questions about living costs in New Richmond

What is the cost of living in New Richmond, WI?
The cost of living index in New Richmond, WI is 83 (US average = 100). Median monthly rent is $1,070, median household income is $87,500/year, and the median home value is $269,000.
Is New Richmond, WI affordable?
Yes, New Richmond is more affordable than the national average with a cost index of 83. The rent-to-income ratio is 14.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in New Richmond, WI?
The median gross rent in New Richmond, WI is $1,070 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,840.
What is the median household income in New Richmond?
The median household income in New Richmond, WI is $87,500 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Wisconsin?
Wisconsin has a top income tax rate of 7.65%, a sales tax of 5.0%, and an effective property tax rate of 1.61%.