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Want to know where you can rub elbows with Indiana's finest? You're in the right spot.
No, you won't find the richest people in the state's biggest cities like Indianapolis or Gary. But, today is your lucky day: HomeSnacks knows where Indiana's richest people live and we've created a list of the top ten richest places in The Hoosier State for 2020 and listed them below. However, before you head down to Indiana's top ten list, we suggest you take a second and read how we identified Indiana's cream of the crop. First, we took a look at the latest Census data from the American Community Survey for 119 Indiana cities with more than 5,000 residents. One thing we discovered is that Indiana is following the latest trends in terms of population to wealth ratio: basically, the population for every one of the states top ten richest places is on the lower end because these places house the one percent.
Secondly, we looked at median income and unemployment and poverty rates for each and assigned a score. To be honest, if you're going to live in one of Indiana's richest places you're going to need a big bank account and a high paying job. Heck, the median income in these places makes Beverly Hills, California look like the home to the middle class. And in terms of jobs, the highest paying jobs in this flyover state are in healthcare and sales. We just recommend that you steer clear of McCordsville due to their sky high unemployment rate.
So, want to know where the people who can afford to fly first class on the regular live in Indiana? Keep reading.
At the end of the day, here's the set of the 10 richest places in Indiana for 2020:
- McCordsville (Photos | Homes For Sale)
- Carmel (Photos | Homes For Sale)
- Zionsville (Photos | Homes For Sale)
- Hunte (>Homes For Sale)
- Winfield (Photos | Homes For Sale)
- St. John (Photos | Homes For Sale)
- Westfield (Photos | Homes For Sale)
- Whitestown (>Homes For Sale)
- Bargersville (Photos | Homes For Sale)
- New Whiteland (>Homes For Sale)
If you choose to live in one of Indiana's richest places, you are choosing to live where people work hard and it shows. And, yes. the neighborhoods in these places are super safe, the schools are producing, and there's a lot to do. And although Indiana is not currently one of the top ten fastest growing states, once this list gets out, all of that will change. So don't wait!
So, where is the richest place in Indiana? According to the latest data, that would be McCordsville.
To see the other places that made Indiana's richest list, take a look below. And if you don't find what you're looking for there, head to the bottom.
Rich people not your cup of tea? Feel free to check out some more reading about Indiana:
The 10 Richest Cities In Indiana For 2020
McCordsville is a town in Vernon Township, Hancock County, Indiana, United States. The population was 4,797 at the 2010 census.
Carmel is a suburban city in Hamilton County, Indiana, United States, located immediately north of Indianapolis. It has been one of the fastest-growing communities in the country. In 2012, Carmel was selected as the "Best Place to Live in the United States" by CNN Money magazine, and received the same designation by Niche.com in 2017. The population was 79,191 as of the 2010 and was estimated to be 91,065 in 2016 by the US Census Bureau, making it the fifth-largest city in Indiana.
Zionsville is a suburban town located in the extreme southeast area of Boone County, Indiana, United States, northwest of Indianapolis. The population was 14,160 at the 2010 census, and grew to 26,784 in the Census 2016 estimates.
St. John is a town in Lake County, Indiana, United States. The town of St. John has homes in St. John Township, Hanover Township, and Center Township. St. John was founded in 1837. The population was 14,850 at the 2010 census. In 2009, St. John ranked 48th among CNN's top 100 places to live in the United States. In 2014, St. John was ranked as the 4th safest place in Indiana by Movoto Real Estate.
Westfield is a city in Hamilton County, Indiana, United States. As of the 2010 census the population was 30,068, and in 2016 the estimated population was 37,221. Westfield is in the Indianapolis Metropolitan Area.
Bargersville is a town in White River and Union townships, Johnson County, Indiana, United States. The population was 4,013 at the 2010 census.
New Whiteland is a town in Pleasant Township, Johnson County, Indiana, United States. The population was 5,472 at the 2010 census.
How We Determined The Richest Places In Indiana For 2020
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 2014-2018 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 119 places with more than 5,000 people in Indiana, we ranked each place from 1 to 119 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, McCordsville, crowned the "Richest City In Indiana For 2020". You can download the data here.
You can learn more about the top ten below or skip to the end to see the rankings for all 119 places.
There You Have It - The Wealthiest Places In Indiana For 2020
Like we said earlier, when we set out to identify the richest places in Indiana, we weren't sure what we'd encounter, but it ended up being some of the best places to live in Indiana.
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 Indiana, according to data:
2nd Poorest: East Chicago
3rd Poorest: Marion
For more Indiana reading, check out:
Detailed List Of The Richest Cities In Indiana