Edgewood, Cold Spring, Union: These cities aren’t just some of the best places to live in Kentucky. They are also home to some of the richest people in the Bluegrass State.
Edgewood in particular houses the richest residents in the state thanks, in part, to a median household income of $89,073 and a ridiculously low poverty rate of 4.2%.
If you’re thinking of moving to one of these towns, you’ll probably need to start saving. The richest places in Kentucky 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 78 places in Kentucky with more than 5,000 people.
At the end of the day, here’s the set of the 10 richest places in Kentucky for 2018:
- Cold Spring
- Union (Photos)
- Fort Wright
- Fort Thomas (Photos)
- Independence (Photos)
- Fort Mitchell
- Alexandria (Photos)
- Douglass Hills
- Jeffersontown (Photos)
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 Kentucky.
How We Determined The Richest Places In Kentucky 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 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 Place In Kentucky For 2018’.
You can learn more about the top ten below or skip to the end to see the rankings for all 78 places.
Population: 8,703 Median Income: $89,073
Unemployment Rate: 2.5%
Poverty Rate: 4.2%
2. Cold Spring
Population: 6,168 Median Income: $68,483
Unemployment Rate: 2.5%
Poverty Rate: 3.6%
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.
Population: 5,677Median Income: $100,517
Unemployment Rate: 3.3%
Poverty Rate: 5.7%
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[update]. The area was rural until mass residential growth in the 1990s and 2000s.
4. Fort Wright
Population: 5,732 Median Income: $68,422
Unemployment Rate: 3.2%
Poverty Rate: 5.5%
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.
5. Fort Thomas
Population: 16,317Median Income: $68,333
Unemployment Rate: 4.1%
Poverty Rate: 6.6%
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.
Population: 26,317Median Income: $73,038
Unemployment Rate: 5.0%
Poverty Rate: 6.9%
Independence is a home rule-class city in Kenton County, Kentucky, in the United States. It is one of its county’s two seats of government. Independence is a suburb of Cincinnati, Ohio, and the population was 24,757 at the time of the 2010 U.S. census.
7. Fort Mitchell
Population: 8,245Median Income: $62,396
Unemployment Rate: 2.8%
Poverty Rate: 8.7%
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.
Population: 8,878Median Income: $74,409
Unemployment Rate: 4.6%
Poverty Rate: 9.3%
Alexandria is a home rule-class city in Campbell County, Kentucky, in the United States. Along with Newport, it is one of the dual seats of the county. The population was 8,477 at the 2010 census.
9. Douglass Hills
Population: 5,645 Median Income: $63,021
Unemployment Rate: 4.6%
Poverty Rate: 7.0%
Douglass Hills is a home rule-class city in eastern Jefferson County, Kentucky, United States. The population was 5,718 at the 2000 census.
Population: 27,395Median Income: $63,439
Unemployment Rate: 4.9%
Poverty Rate: 8.1%
Jeffersontown is a home rule-class city in Jefferson County, Kentucky, United States. The population was 26,595 at the 2010 U.S. census.
There You Have It – The Richest Places In Kentucky For 2018
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: Mayfield
3rd Poorest: Monticello
For more Kentucky reading , check out:
Detailed List Of The Richest Cities In Kentucky