Many of the top wealthiest cities in Indiana lie in the radius of suburbs around Indianapolis.
Where other states in the Midwest have struggled with population decline, Indiana has held strong. Back in 2000, the population of Indiana was a little over a million. By 2024, the population had grown by 14%, reaching 6.92 million. As part of an ongoing series of analyses, states have been examined using the latest Census Bureau data to determine which the richest cities in the state are. For this study, the focus is Indiana. This study analyzed 976 cities — what the Census Bureau designates as “places” — in Indiana that had complete data from the Census Bureau, in terms of their median household income, mean (average) household income, median home value, and median property taxes paid per year, to come up with a list of the 25 richest cities in the state.
Read on to find out what the richest city in Indiana is, plus the top 20 wealthiest cities in the state overall.
What Are the Richest Cities in Indiana?
In order to compile this list of the richest cities in Indiana, we sourced key financial data from the Census Bureau’s 2023 American Community Survey. Wielding these datasets, we put together a four-factor scoring system to help identify the wealthiest cities in Indiana:
- Median household income
- Mean (average) household income
- Median home value
- Median property taxes paid
When analyzing the data, it is important to note that Census figures have upper limits, so there’s no exact value for certain factors. For example, for median household income, the Census Bureau has an upper limit of “$250,000+”. For median home value, the upper limit is “$2,000,000+”. For median property taxes paid, the upper limit is “$10,000+”. For these reasons, the mean household income (which is the same as average household income) dataset is particularly useful. Since the Census Bureau has exact figures for it, it’s an even more precise barometer of wealth. All four of these metrics were scored, added up, and then ranked by the cities’ combined scores.
Another aspect of the Census to point out is the Census-designated place — CDP. The Census, more or less, treats CDPs as cities — their terminology is “place” — and so will this list of the richest cities in Indiana. So, if you see cities on this list that you see as neighborhoods or retirement communities, you’re not wrong. These places happen to be treated as cities by the Census Bureau.
Below, you’ll find a table detailing the top 20 richest cities in Indiana and their respective dollar figures for each metric, below:
The No. 1 richest city in Indiana in our ranking is Crows Nest, a town within Washington Township, due north of Indianapolis. Crows Nest is a small place, with only 28 households. This town has an occupational mix that’s common to many suburbs. According to Data USA, the top three industries by employment are Professional, Scientific, & Technical Services (39.5% of the workforce), Accommodation & Food Services (18.4% of the workforce), and Health Care & Social Assistance (13.2% of the workforce). Incomes in Crows Nest are very high. The median household income here is $245,000, around triple the state median of $81,702. The average household income is even higher, at $744,021. The median home value exceeds $2 million. And property taxes are so high, the median amount paid per household is over $10,000.
The No. 2 richest place is just north of the No. 1 city, and it’s name is North Crows Nest, appropriately. They are almost exactly the same size, with North Crows Nest having 27 households to Crows Nest’s 28 households. The median household income in North Crows Nest is above $250,000. Its average household income isn’t as high as in Crows Nest: $546,926 in North Crows Nest versus $744,021 for Crows Nest. The median home value reported by the Census is well over $1.5 million. And just like in Crows Nest, the median property taxes by household is in excess of $10,000.
The third richest place in Indiana is Williams Creek. This place is also due north of Indianapolis and lies in the same township, Washington Township. This town is larger than No. 1 and No. 2, being home to 164 households. The employment breakdown is comparable to Crows Nest. The top three industries include Professional, Scientific, & Technical Services (24.2% of the workforce), Health Care & Social Assistance (15.2% of the workforce), and Retail Trade (11.1% of the workforce). The median household income in Williams Creek is $218,750, while the mean household income is $372,541. Property taxes are also substantial here, costing households a median of over $10,000 per year. The median home value is reported as $1.212 million.