Did you know that the bigger the hat you wear to the Kentucky Derby in Louisville, the more money people think you have?
All joking aside, HomeSnacks is here to tell you where the richest places are located in Kentucky for 2023 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 80 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.
Here are the 10 richest places in Kentucky for 2023:
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 $72,669/year to keep up with the Joneses in these places.
So, what is the richest place in Kentucky for 2023? According to the latest data,that honor goes to Union.
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 2023
1. Union
/10
Population: 7,227
Rank Last Year: 1 (No Change)
Median Income: $128,050
Unemployment Rate: 1.7%
Poverty Rate: 1.4%
More on Union: Real Estate | Photos
2. Edgewood
/10
Population: 8,427
Rank Last Year: 3 (Up 1)
Median Income: $109,909
Unemployment Rate: 1.9%
Poverty Rate: 3.2%
More on Edgewood: Real Estate | Photos
3. Villa Hills
/10
Population: 7,331
Rank Last Year: 5 (Up 2)
Median Income: $99,886
Unemployment Rate: 3.0%
Poverty Rate: 3.4%
More on Villa Hills: Real Estate
4. Fort Wright
/10
Population: 5,845
Rank Last Year: 2 (Down 2)
Median Income: $87,197
Unemployment Rate: 2.5%
Poverty Rate: 4.4%
More on Fort Wright: Real Estate | Photos
5. Fort Mitchell
/10
Population: 8,618
Rank Last Year: 4 (Down 1)
Median Income: $72,669
Unemployment Rate: 1.5%
Poverty Rate: 3.4%
More on Fort Mitchell: Real Estate | Photos
6. Cold Spring
/10
Population: 6,208
Rank Last Year: 8 (Up 2)
Median Income: $73,732
Unemployment Rate: 2.0%
Poverty Rate: 5.2%
More on Cold Spring: Real Estate | Photos
7. Alexandria
/10
Population: 10,125
Rank Last Year: 10 (Up 3)
Median Income: $88,777
Unemployment Rate: 2.4%
Poverty Rate: 7.0%
More on Alexandria: Real Estate | Photos
8. Walton
/10
Population: 5,333
Rank Last Year: –
Median Income: $79,464
Unemployment Rate: 3.3%
Poverty Rate: 5.6%
More on Walton: Real Estate | Photos
9. Independence
/10
Population: 28,256
Rank Last Year: 9 (No Change)
Median Income: $82,846
Unemployment Rate: 3.2%
Poverty Rate: 7.7%
More on Independence: Real Estate | Photos
10. Taylor Mill
/10
Population: 6,834
Rank Last Year: 6 (Down 4)
Median Income: $73,422
Unemployment Rate: 2.1%
Poverty Rate: 9.8%
More on Taylor Mill: Real Estate
Methodology: How We Determined The Richest Places In Kentucky For 2023
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 2017-2021 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 80 places with more than 5,000 people in Kentucky, we ranked each place from 1 to 80 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, Union, crowned the “Richest City In Kentucky For 2023”. 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 80 places.
Summary: The Wealthiest Places In Kentucky For 2023
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:
Poorest: Somerset
2nd Poorest: Williamsburg
3rd Poorest: Middlesborough
For more Kentucky reading, check out:
Detailed List Of The Richest Cities In Kentucky
| Rank | City | RichScore |
|---|---|---|
| 1 | Union | 1.67 |
| 2 | Edgewood | 3.33 |
| 3 | Villa Hills | 7.67 |
| 4 | Fort Wright | 8.0 |
| 5 | Fort Mitchell | 8.33 |
| 6 | Cold Spring | 9.0 |
| 7 | Alexandria | 9.0 |
| 8 | Walton | 13.67 |
| 9 | Independence | 15.0 |
| 10 | Taylor Mill | 16.0 |
| 11 | Bellevue | 16.67 |
| 12 | La Grange | 17.67 |
| 13 | Fort Thomas | 18.0 |
| 14 | Jeffersontown | 19.33 |
| 15 | Hillview | 20.0 |
| 16 | Florence | 20.67 |
| 17 | Georgetown | 21.33 |
| 18 | Crestwood | 21.33 |
| 19 | Versailles | 22.67 |
| 20 | Douglass Hills | 23.0 |
| 21 | Shelbyville | 23.33 |
| 22 | Vine Grove | 23.33 |
| 23 | Lyndon | 23.33 |
| 24 | Erlanger | 24.0 |
| 25 | St. Matthews | 24.33 |
| 26 | Mount Washington | 24.33 |
| 27 | Wilmore | 29.67 |
| 28 | Shepherdsville | 31.33 |
| 29 | Flatwoods | 32.33 |
| 30 | Middletown | 32.33 |
| 31 | Central City | 32.67 |
| 32 | Elsmere | 33.67 |
| 33 | Lexington | 35.0 |
| 34 | Elizabethtown | 36.0 |
| 35 | Louisville | 37.67 |
| 36 | Nicholasville | 38.33 |
| 37 | Lawrenceburg | 38.67 |
| 38 | Berea | 39.33 |
| 39 | Paris | 40.0 |
| 40 | Frankfort | 41.67 |
| 41 | Henderson | 42.0 |
| 42 | Dayton | 42.33 |
| 43 | Princeton | 42.67 |
| 44 | Bardstown | 43.0 |
| 45 | Highland Heights | 43.67 |
| 46 | Harrodsburg | 43.67 |
| 47 | Franklin | 45.33 |
| 48 | Owensboro | 46.0 |
| 49 | Leitchfield | 49.33 |
| 50 | London | 49.67 |
| 51 | Cynthiana | 50.0 |
| 52 | Winchester | 50.33 |
| 53 | Paducah | 50.67 |
| 54 | Maysville | 51.33 |
| 55 | Radcliff | 53.67 |
| 56 | Danville | 54.33 |
| 57 | Corbin | 54.67 |
| 58 | Shively | 55.33 |
| 59 | Covington | 56.33 |
| 60 | Pikeville | 57.0 |
| 61 | Bowling Green | 57.33 |
| 62 | Madisonville | 58.67 |
| 63 | Newport | 59.0 |
| 64 | Campbellsville | 59.67 |
| 65 | Murray | 60.0 |
| 66 | Hazard | 60.0 |
| 67 | Ashland | 60.67 |
| 68 | Hopkinsville | 61.0 |
| 69 | Mount Sterling | 63.67 |
| 70 | Oak Grove | 64.0 |
| 71 | Richmond | 66.0 |
| 72 | Russellville | 69.0 |
| 73 | Glasgow | 69.67 |
| 74 | Morehead | 70.67 |
| 75 | Lebanon | 71.33 |
| 76 | Monticello | 72.67 |
| 77 | Mayfield | 74.0 |
| 78 | Middlesborough | 75.0 |
| 79 | Williamsburg | 75.0 |
| 80 | Somerset | 77.67 |
