Many states in the Midwest have had to come to grips with population decline. Iowa, however, has done quite well in this area. Back in 2000, the population of Iowa was about 2.93 million. By 2024, the population had grown by 11%, reaching over 3.2 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 Iowa. This study analyzed 909 cities — what the Census Bureau designates as “places” — in Iowa 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 15 richest cities in the state.
Read on to find out what the richest city in Iowa is, plus the top 15 wealthiest cities in the state overall.
What Are the Richest Cities in Iowa?
In order to compile this list of the richest cities in Iowa, key financial data was sourced from the Census Bureau’s 2023 American Community Survey. This dataset is the most recent to have five-year estimates, while 2024 only has one-year estimates. Wielding these datasets, a four-factor scoring system was put together to help identify the wealthiest cities in Iowa:
- 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 for certain categories, so there’s no exact value for certain factors. With median household incomes, for example, 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+”. Because of this, the mean household income (which is the same as average household income) dataset is especially useful. Since the Census Bureau has exact figures for it, it’s an even more precise barometer of wealth. These four metrics were scored, summed up, and then ranked by the cities’ aggregate 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”. This study also uses “place” to mean cities. Iowa. So, if you find cities on this list that you see as neighborhoods or retirement communities, you’re not wrong. These places are treated as cities, though, for Census Bureau purposes.
Below, you’ll find a table detailing the top 15 richest cities in Iowa and their respective dollar figures for each metric, below:
The No. 1 richest city in Iowa in this ranking is Oak Hills, a CDP slightly southwest of Burlington, which lies on the border of Iowa and Illinois. Located in Des Moines County, Oak Hills is a very small place, with just 51 households in the town. Oak Hills is home to Spirit Hollow Golf Course, as well as a number of very nice homes. The median household income here is over $250,000, the only city in Iowa that has an income that high. The average household income is also the highest in the state at $282,371. Interestingly, home values aren’t that high, with the median reported in the Census being $350,000. Property taxes could also be worse, with a median of $5,515 paid per household, which isn’t nearly as high as other cities on this list.
The No. 2 richest place is Cumming, a small city with only 194 households, southwest of Des Moines. This city has a very rural western half, and a more suburban eastern side where there are a number of sizeable homes. The median household income in Cumming is $160,357. The mean income is almost exactly $14,000 higher, at $174,376, which is a comparatively narrow gap. The median home value reported in the Census data is significantly higher than in the No. 1 richest city, at $486,400 versus $350,000. Property taxes cost more in Des Moines County. The median property taxes paid per household is $7,773, which is the second highest in the state.
The third richest place in Iowa is Shueyville, which is due south of Cedar Rapids, down I-380. This place is also on the small side, with 292 total households in the city. This city has a number of very nice neighborhoods, many of them forming cul-de-sacs. The top employing industries in Shueyville are Manufacturing (18.6% of the workforce), Health Care & Social Assistance (14.8% of the workforce), and Finance & Insurance (12.7% of the workforce). Unsurprisingly for a wealthy town, Management Occupations account for 17% of the workforce, according to Data USA. The median household income is $136,250, while the average household income is substantially higher, at $185,532. The reported median home value is $572,700. That’s the second highest median home value in Iowa, behind West Okoboji’s $591,700. A major downside in Shueyville are the property taxes. The median paid per households is $8,190, which is the costliest amount in the state.