by Kristen Carney
Updated: June 20, 2024
The richest city in Ohio is Hunting Valley in Cuyahoga County and Geauga County with an average household income of $401,836 as of 2022. While exceptionally affluent, Hunting Valley only has a population of 771 as of 2023. The richest city in Ohio with at least 5,000 people is The Village of Indian Hill in Hamilton County with an average household income of $399,251 as of 2022 and 6,018 people as of 2023 according to the most current Census data available (citation).
Rank | City | County | Population | Average Income | Median Income |
---|---|---|---|---|---|
1 | Hunting Valley | Cuyahoga; Geauga | 771 | $401,836 | $176,875 |
2 | The Village of Indian Hill | Hamilton | 6,018 | $399,251 | $218,073 |
3 | Concorde Hills | Hamilton | 568 | $362,530 | $250,001 |
4 | Moreland Hills | Cuyahoga | 3,437 | $361,478 | $199,279 |
5 | Coldstream | Hamilton | 1,502 | $359,488 | $225,833 |
6 | Hills and Dales | Stark | 245 | $357,667 | $169,375 |
7 | Bentleyville | Cuyahoga | 884 | $357,613 | $217,083 |
8 | New Albany | Franklin; Licking | 11,335 | $351,688 | $224,824 |
9 | Gates Mills | Cuyahoga | 2,227 | $329,699 | $214,219 |
10 | Remington | Hamilton | 614 | $325,387 | $185,750 |
11 | Terrace Park | Hamilton | 2,323 | $274,551 | $198,000 |
12 | Montrose-Ghent | Summit | 5,854 | $274,508 | $169,783 |
13 | Pepper Pike | Cuyahoga | 6,823 | $260,315 | $198,438 |
14 | Ottawa Hills | Lucas | 4,786 | $254,428 | $171,250 |
15 | Kirtland Hills | Lake | 689 | $244,419 | $156,250 |
16 | Bratenahl | Cuyahoga | 1,395 | $240,730 | $162,625 |
17 | South Russell | Geauga | 3,939 | $234,724 | $175,343 |
18 | Madeira | Hamilton | 9,423 | $230,735 | $159,321 |
19 | Dry Run | Hamilton | 7,417 | $230,119 | $167,269 |
20 | Wetherington | Butler | 1,237 | $226,681 | $188,368 |
We usually suggest using median income data – either instead of or in addition to – average income data as a true indicator of wealth. If you haven’t thought about median versus average since your last standardized test, you aren’t alone. Here’s what they are:
Now let’s say you had the following simplified set of income data.
Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000
The average income for this set is $360,000. The outlier data point ($1,000,000) skews the average WAY up. Conversely, the average income would be skewed WAY down if someone had an income of $500. The median income for the same data set is $50,000. Outlier data doesn’t skew the median.
So most business owners should use the median income as a true indicator of wealth, because it provides a more accurate representation of a typical income, especially in areas with significant income disparity.
If your target market is high-income households, the average income may be more relevant. This is because the average income can highlight the presence of a higher concentration of wealthy individuals, which is beneficial for luxury goods and services marketing. We’re using average income on this page because using the Census’s highest reported median value of $250,001 could result in multiple ties for the richest geography.
The Census' American Community Survey uses $250,000+ as a jam value for median income estimates to protect privacy, ensure data consistency, and simplify reporting. A "jam value" in survey data refers to a placeholder or default value used when actual data points are unavailable, incomplete, or exceed certain thresholds. We represent this jam value as $250,001 to make it easy for you to sort.
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United States Census Bureau. Annual Estimates of the Resident Population: April 1, 2020 to July 1, 2023. U.S. Census Bureau, Population Division. Web. May 2024. http://www.census.gov/.
United States Census Bureau. B01001 SEX BY AGE, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.
United States Census Bureau. B19013 Median Household Income, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.
United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 07 December 2023. http://www.census.gov/.
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