Ohio’s top 1%—households earning $500,000 or more—play a unique role in shaping the state’s housing market. Between 2018 and 2023, their buying patterns reflected both opportunity and strategy. Some upsized into expansive luxury homes, others downsized for easier living, and many invested in second properties. Their choices tracked major shifts in the market, from the pre-pandemic upswing to the feverish COVID-era surge and the tightening conditions of rising interest rates. In cities like Columbus, Cincinnati, and Cleveland, as well as in quieter suburban and rural pockets, these buyers navigated the changing landscape with flexibility and financial confidence—often influencing local markets along the way.
Who Are Ohio’s High-Income Homebuyers?
Only a small fraction of Ohio households earn $500,000 or more annually – around one out of a hundred families. These top earners include business owners, corporate executives, physicians, attorneys, and other highly paid professionals. Many are concentrated in affluent suburbs of major cities (New Albany and Dublin near Columbus, Indian Hill near Cincinnati, and Pepper Pike near Cleveland).
Nearly all high-income households are homeowners, and most live in single-family houses as their primary residences. Their substantial incomes often qualify them for large mortgages, though many choose to pay cash for homes. By 2023, more than one-third of all U.S. home purchases were made in cash, a trend driven largely by affluent buyers. Wealthy Ohioans often leverage this advantage, bypassing loans entirely or making hefty down payments.
Luxury Housing Trends
Upsizing: Buying Bigger and Grander Homes
One clear trend from 2018 to 2023 is that many high-income Ohioans have been upsizing – purchasing larger homes with more amenities. With ample budgets, these buyers seek out expansive properties equipped with luxury features. It’s common for a family earning $500k+ to move from a starter luxury home into a true estate home.
These houses typically have five or more bedrooms, home offices, gourmet kitchens, and extensive leisure facilities like pools or home theaters. During the pandemic, the desire for more space skyrocketed. Remote work and remote schooling led affluent families to seek extra rooms for offices and study areas, as well as larger yards for recreation…