by Kristen Carney
Updated: December 17, 2024
The richest county in Kentucky is Oldham County with an average household income of $159,042 as of 2023 and 70,183 people as of 2023 according to the most current Census data available (citation).
Rank | County | Population | Average Income | Median Income |
---|---|---|---|---|
1 | Oldham County | 70,183 | $159,042 | $121,491 |
2 | Boone County | 140,496 | $116,044 | $94,752 |
3 | Jessamine County | 55,017 | $112,610 | $74,886 |
4 | Spencer County | 20,531 | $110,220 | $98,333 |
5 | Campbell County | 93,702 | $106,500 | $77,271 |
6 | Kenton County | 171,321 | $104,860 | $79,421 |
7 | Scott County | 60,168 | $103,080 | $83,660 |
8 | Shelby County | 49,515 | $102,077 | $82,671 |
9 | Woodford County | 27,268 | $101,773 | $80,006 |
10 | Fayette County | 320,154 | $98,429 | $67,631 |
11 | Jefferson County | 772,144 | $95,889 | $67,849 |
12 | Clark County | 37,304 | $94,803 | $67,824 |
13 | Bullitt County | 84,863 | $94,063 | $77,640 |
14 | Hardin County | 112,273 | $92,718 | $67,608 |
15 | McCracken County | 67,428 | $92,551 | $62,385 |
16 | Franklin County | 51,644 | $90,766 | $66,470 |
17 | Meade County | 30,131 | $89,853 | $70,163 |
18 | Anderson County | 24,613 | $88,199 | $71,747 |
19 | Warren County | 142,229 | $87,897 | $64,801 |
20 | Carlisle County | 4,704 | $87,185 | $62,019 |
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, 2023 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 12 December 2024. http://www.census.gov/.
United States Census Bureau. B19013 Median Household Income, 2023 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 12 December 2024. http://www.census.gov/.
United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2023 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 12 December 2024. http://www.census.gov/.
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