Powell, Grandview Heights, The Village Of Indian Hill: These cities aren’t just some of the best places to live in Ohio. They are also home to some of the richest people in the Buckeye State.
Powell in particular houses the richest residents in the state thanks, in part, to a median household income of $132,917 and a ridiculously low poverty rate of 0.3%.
If you’re thinking of moving to one of these towns, you’ll probably need to start saving. The richest places in Ohio share common characteristics such as having a genius level populous, sky high home prices, and a Pleasantville level of married couples.
How did we come up with these mega wealthy cities? We analyzed Census data from the 2012-2016 American Community Survey for the 254 places in Ohio with more than 5,000 people.
At the end of the day, here’s the set of the 10 richest places in Ohio for 2018:
- Powell (Photos | Homes)
- Grandview Heights (Photos | Homes)
- The Village Of Indian Hill (Photos | Homes)
- Dublin (Photos | Homes)
- Madeira (Photos | Homes)
- Bay Village (Photos | Homes)
- Beachwood (Photos | Homes)
- Pepper Pike (Photos | Homes)
- Mason (Photos | Homes)
- Wyoming (Photos | Homes)
For more on how we calculated the top ten, read on or skip to the end for the full list of the richest cities in Ohio.
How We Determined The Richest Places In Ohio For 2018
The first thing that comes to most people’s minds when they think about determining the richest places is to simply identify personal incomes. After all, rich people have really high salaries.
However, we don’t believe that one statistic wholly encompasses what it means to be one of the ‘richest places’. So we looked at this set of criteria from the newly released 2012-2016 American Community Survey:
- Poverty Level
- Median Household Income
- Unemployment Rate
Median household income is the most digestible way to understand how rich a place really is. The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.
After we collected the data for all 254 places with more than 5,000 people in Ohio, we ranked each place from 1 to 254 for each of the criteria, with 1 being the richest.
We then averaged all the rankings for a place into a ‘Rich Score’ with the place having the lowest overall Rich Score, Powell, crowned the ‘Richest Place In Ohio For 2018’.
You can learn more about the top ten below or skip to the end to see the rankings for all 254 places.
2. Grandview Heights
3. The Village Of Indian Hill
Population: 43,874Median Income: $125,540
Unemployment Rate: 3.2%
Poverty Rate: 2.7%
More on Dublin: Real Estate | Data
Dublin is an affluent city in Franklin, Delaware, and Union counties in the U.S. state of Ohio. The population was 41,751 at the 2010 census. Dublin is a suburb of Columbus, Ohio.
Population: 8,924Median Income: $91,810
Unemployment Rate: 3.0%
Poverty Rate: 2.1%
More on Madeira: Real Estate | Data
Madeira is a city in Hamilton County, Ohio, United States. The population was 8,726 at the 2010 census. Madeira has a Council-Manager form of government, where the elected City Council appoints a paid City Manager to run the day-to-day operations of the city. Madeira is served by its own police department, while fire service is provided by the Madeira-Indian Hill Joint Fire District. Madeira is largely a residential community, with a small downtown and some light industry. Educational needs are served by the nationally ranked Madeira City Schools. Madeira is a suburb of Cincinnati. In 2007, BusinessWeek ranked it as one of the ‘Best Places to Raise Kids–For Less.’ Madeira, known for its beautiful parks, has a plethora of sports programs.
6. Bay Village
Population: 15,414Median Income: $93,220
Unemployment Rate: 2.4%
Poverty Rate: 3.5%
More on Bay Village: Real Estate | Data
Bay Village is a city located west of Cleveland Ohio in Cuyahoga County, Ohio, United States. The population was 15,651 at the 2010 census. Bay Village is located in Ohio’s 9th congressional district.
Population: 11,786Median Income: $88,287
Unemployment Rate: 2.2%
Poverty Rate: 2.9%
More on Beachwood: Real Estate | Data
Beachwood is a city in Cuyahoga County, Ohio, United States, and a suburb of Cleveland. As of the 2010 census the city’s population was 11,953.
8. Pepper Pike
Population: 6,150Median Income: $164,471
Unemployment Rate: 3.1%
Poverty Rate: 4.1%
More on Pepper Pike: Real Estate | Data
Pepper Pike is an affluent eastern suburb of the Greater Cleveland area in the US state of Ohio. The population was 5,979 at the 2010 census.
Population: 32,025Median Income: $92,819
Unemployment Rate: 3.6%
Poverty Rate: 2.6%
More on Mason: Real Estate | Data
Mason is a city in southwestern Warren County, Ohio, United States, approximately 22 miles (35 km) from downtown Cincinnati. As of the 2010 census, Mason’s population was 30,712.
Population: 8,484Median Income: $120,676
Unemployment Rate: 4.1%
Poverty Rate: 2.0%
More on Wyoming: Real Estate | Data
Wyoming is a city in Hamilton County, Ohio, United States. The population was 8,428 at the 2010 census.
There You Have It – The Wealthiest Places In Ohio For 2018
Like we said earlier, when we set out to identify the richest places in Ohio, we weren’t sure what we’d encounter, but it ended up being some of the best places to live in Ohio.
When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there.
If you’re curious enough, here are the poorest cities in Ohio, according to data:
Poorest: East Cleveland
2nd Poorest: Youngstown
3rd Poorest: Nelsonville
For more Ohio reading , check out:
Detailed List Of The Richest Cities In Ohio
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