New Albany ranks the richest of Ohio towns, study finds

Published 3:12 pm Monday, August 31, 2020

By The Center Square

NEW ALBANY – New Albany was ranked the richest town in Ohio in a 24/7 Wall St. analysis examining small, affluent communities where most households earn at least three times the state’s median annual household income.

With a population of 10,896, New Albany recorded a median home value of $494,600, based on household financial data that was collected before the coronavirus pandemic.

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New Albany’s poverty rate was pegged at 2.5 percent, and its median annual household income came in at $203,194.

A high level of education is one characteristic that residents of the richest towns have in common, according to the analysis. The percentage of adults with four-year degrees in the 50 towns is among the highest of any jurisdiction in their states, the study concluded.

The analysis considered only towns with populations of 1,000 to 25,000 residents.