Article Table Of Contents
All joking aside, HomeSnacks is here to tell you where the richest places are located in Kentucky for 2020 and we've listed them below.
If you ask any one of Kentucky's 4.5 million residents they will say that their corner of the Bluegrass State is pretty cool; but if you ask the one percent, they will say that their Kentucky city is the best. Probably why many of the states richest places are also the Kentucky's best. And like the rest of the country, the wealthy in Kentucky spare no expense, so that's why we looked at factors like, but not limited to, median income data, education levels, and fancy amenities for 78 Kentucky places with at least 5,000 residents to narrow down Kentucky's most well-to-do places.
And, folks, if you guessed that Bowling Green and Owensboro made the list, guess again. Actually, many of Kentucky's most affluent places are centered around the state's eighth largest city, Florence. Are you at all surprised? We aren't. Florence is super safe and this key attribute is definitely trickling down to Kentucky's richest places.
Want to know more? We suggest you grab a mint julep, a sunny spot at Churchill Downs, and read on to see where Kentucky "Richie Rich" live.
At the end of the day, here's the set of the 10 richest places in Kentucky for 2020:
- Edgewood (Photos | Homes For Sale)
- Union (Photos | Homes For Sale)
- Fort Wright (Photos | Homes For Sale)
- Cold Spring (>Homes For Sale)
- Fort Mitchell (Photos | Homes For Sale)
- Douglass Hills (>Homes For Sale)
- Fort Thomas (Photos | Homes For Sale)
- Hillview (Photos | Homes For Sale)
- Middletown (Photos | Homes For Sale)
- Jeffersontown (Photos | Homes For Sale)
If you're wondering how to get your hands on one of Kentucky's richest places, you can start by researching a list of Kentucky's highest paying jobs because you're going to need to make at least $59,400/year to keep up with the Joneses in these places.
So, what is the richest place in Kentucky for 2020? According to the latest data,that honor goes to Edgewood.
To see what other wealthy Kentucky cities made the list, hit that down arrow. And if you have a second, take a look at Kentucky's poorest places, it will definitely put this list in perspective.
Rich people not your cup of tea? Feel free to check out some more reading about Kentucky:
The 10 Richest Cities In Kentucky For 2020
Union is a home rule-class city in Boone County, Kentucky, United States. The population was 5,379 as of the 2010 United States Census. The area was rural until mass residential growth in the 1990s and 2000s.
Fort Wright is a home rule-class city in Kenton County, Kentucky, in the United States. The population was 5,723 at the 2010 census.
Cold Spring is a home rule-class city in Campbell County, Kentucky, in the United States. The population was 5,912 at the 2010 census, up from 3,806 at the 2000 census. It is part of the Cincinnati-Northern Kentucky metropolitan area.
Fort Mitchell is a home rule-class city in Kenton County, Kentucky, in the United States. The population was 8,207 at the 2010 census.
Douglass Hills is a home rule-class city in eastern Jefferson County, Kentucky, United States. The population was 5,718 at the 2000 census.
Fort Thomas is a home rule-class city in Campbell County, Kentucky, United States, on the southern bank of the Ohio River and the site of an 1890 US Army post. The population was 16,325 at the 2010 census, making it the largest city in Campbell County and it is officially part of the Cincinnati - Northern Kentucky metropolitan area.
Middletown is an independent, home rule-class city in Jefferson County, Kentucky, United States, and a former neighborhood of Louisville. The population was 7,218 at the 2010 census.
Jeffersontown is a home rule-class city in Jefferson County, Kentucky, United States. The population was 26,595 at the 2010 U.S. census.
How We Determined The Richest Places In Kentucky 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 78 places with more than 5,000 people in Kentucky, we ranked each place from 1 to 78 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, Edgewood, crowned the "Richest City In Kentucky 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 78 places.
There You Have It - The Wealthiest Places In Kentucky For 2020
Like we said earlier, when we set out to identify the richest places in Kentucky, we weren't sure what we'd encounter, but it ended up being some of the best places to live in Kentucky.
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 Kentucky, according to data:
2nd Poorest: Somerset
3rd Poorest: Mayfield
For more Kentucky reading, check out:
- Best Counties To Live In Kentucky
- Best Places To Retire In Kentucky
- Best Places To Raise A Family In Kentucky
Detailed List Of The Richest Cities In Kentucky