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?
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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).
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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.
Even before the pandemic, Ohio’s upscale housing market was heating up. In the late 2010s, strong economic growth and low interest rates encouraged wealthier households to trade up to bigger homes. But the real surge came in 2020 and 2021. Nationwide, sales of luxury homes (the priciest 5% of the market) jumped during this time, and prices climbed fast.
Ohio was no exception. The number of Columbus-area homes selling for over $2 million roughly doubled from 2021 to 2022. In Greater Cincinnati, all of the top 25 home sales in 2021 and 2022 were above $2 million, whereas in 2020 only 15 homes had crossed that price threshold.
Premium Amenities and Features
Larger suburban houses are the top choice for these high earners’ primary residences. Many are purchasing newly built mansions or custom homes in exclusive neighborhoods. It’s not uncommon to see an older modest house in an elite suburb torn down and replaced with a sprawling 6,000–8,000 sq. ft. residence by a buyer with deep pockets.
High-end buyers in Ohio increasingly expect luxury amenities that might have been rarities in the past. Features like wine cellars, home theaters, smart home technology, and spa-like master bathrooms are now nearly standard in the homes they’re buying. As one real estate consultant observed about affluent Midwest buyers, “features like dedicated wellness rooms or gyms, home offices, and entertainment spaces have become almost essential” in luxury properties.
Downsizing: A Shift to Convenience and Condos
Not every high-income homebuyer is looking for a bigger house. A subset of affluent Ohioans – often empty-nesters and retirees – have been downsizing during 2018–2023. After children grow up and leave home, some wealthy homeowners decide to trade sprawling suburban houses for something more compact and convenient. In Ohio’s cities, this has led to a mini-boom in luxury condos and townhomes.
In downtown Columbus, real estate agents have observed a trend of older, high-income couples moving from suburban estates (in places like New Albany or Westerville) to chic condos in the city center. They’re drawn by walkable neighborhoods, cultural amenities, and a “lock-and-leave” lifestyle with less maintenance.
One Columbus realtor noted that both empty-nesters and some young professionals are choosing to “re-enter urban lifestyles,” valuing the simplicity of being steps away from restaurants, theaters, and parks. Mary Beth and Bill McCallion, for instance, sold their house of 35 years in suburban Westerville and moved to a condo in downtown Columbus, excited to be within walking distance of the Short North arts district.
This pattern extends beyond Columbus. Cincinnati has also seen high-end condo developments targeting wealthy downsizers – such as luxury lofts and riverfront condominiums that offer concierge services and panoramic skyline views. In Cleveland, some empty-nesters from suburbs like Solon or Westlake have moved into downtown Cleveland or University Circle apartments to be near restaurants, hospitals, and cultural institutions.
While this downsizing trend is smaller in scale than the upsizing trend, it is notable. These buyers still seek luxury (high-end finishes, secure parking, balconies, and on-site amenities) but in a smaller, easier-to-manage footprint.
Regional Homebuying Patterns
Columbus Area: Booming Suburbs and New Builds
Central Ohio, especially the Columbus metro area, has been a hotspot for affluent homebuying. Columbus has been one of the fastest-growing cities in the Midwest, attracting new high-paying jobs in tech, finance, and healthcare. Many executives and professionals have settled in Columbus’s northern and eastern suburbs, where upscale housing flourishes.
Communities like New Albany, Powell, Dublin, and Upper Arlington saw robust demand from high-income buyers. In fact, eight of the ten most expensive home sales in all of Central Ohio in 2023 were in New Albany, an affluent suburb known for its luxury homes and country club lifestyle. New Albany’s popularity is poised to grow even more with a massive $20 billion Intel semiconductor plant being built nearby.
The average home prices in these elite Columbus suburbs have skyrocketed, reflecting competition among wealthy buyers. For example, Grandview Heights (an inner-ring Columbus suburb) had an average home value of about $504,000 in early 2025 – a 29% jump just since 2020 and a 135% increase since 2011.
The Columbus area trend for high earners is to buy newer, larger homes. Many choose newly constructed mini-mansions in developments with top-rated schools. Custom builds are also common – it’s not unusual for a buyer with a $500k salary to purchase a lot in a prestigious neighborhood and build a 5,000+ square-foot dream home.
Even after interest rates rose in 2022, Columbus’s luxury market held fairly strong – affluent buyers here often had the cash or financial cushion to move forward despite higher borrowing costs. Luxury home prices in the U.S. rose ~9% year-over-year in late 2023, and Columbus’s high-end neighborhoods followed that trajectory due to low inventory and steady demand.
Cleveland/Northeast Ohio: Rebounding Luxury Market
In Northeast Ohio around Cleveland, high-income homebuying has experienced a remarkable resurgence from 2018 to 2023. The late 2000s were tough on Cleveland’s luxury housing – the Great Recession hit home values hard. But over the last decade, and especially post-2018, the high-end market in Cleveland has bounced back impressively.
Cuyahoga County (greater Cleveland) saw a more than 500% increase in homes selling for over $1 million from 2014 to 2024. This means the number of million-dollar sales multiplied several-fold, reflecting how many more wealthy buyers are purchasing in the area now compared to a decade ago.
Wealthy Clevelanders (and newcomers to the area) tend to gravitate toward historic affluent suburbs and some trendy city enclaves. On the east side, communities like Hunting Valley, Pepper Pike, Shaker Heights, and Gates Mills are perennial favorites for high earners, offering estate-size lots, mansions, and proximity to country clubs. On the west side, areas like Rocky River, Bay Village, and Westlake have drawn wealthy buyers who want luxury homes with a suburban feel not far from downtown jobs.
The types of homes high-income buyers purchase in Cleveland often include beautiful century-old houses with character (updated with modern amenities) as well as new-build luxury homes in gated communities. The price points are generally a bit lower than Columbus – an income of $500k can buy a very high-end home in Cleveland due to the region’s lower cost of living.
Home values in upscale Cleveland suburbs have climbed strongly. For instance, the suburb of Orange (near Cleveland) reached an average home value of about $511,000 in 2025 – up nearly 39% since 2020. This uptick signals how much interest high-income families have in moving into these desirable neighborhoods.
Cincinnati/Southwest Ohio: Stable Wealth and New Heights
Greater Cincinnati, in the southwest corner of Ohio, has long had pockets of significant wealth. From 2018 to 2023, high-income homebuying in Cincinnati has been both stable and reaching new heights in terms of prices. The city’s established wealthy enclaves – like Indian Hill, Hyde Park, and Madeira – remain the go-to places for $500k+ earners to live.
Indian Hill, in particular, is famous for its multi-million dollar estates on large wooded lots, attracting CEOs and athletes. What’s notable in this period is that even as the number of wealthy buyers remained relatively steady, the prices they are paying have escalated quickly.
Cincinnati’s top home sales each year have progressively broken records. By 2022 and 2023, every one of the 25 highest-priced home sales in the Cincinnati region exceeded $2 million. A few years prior, multi-million-dollar sales were less common. This shows that by the early 2020s, Cincinnati’s luxury market had fully caught fire – high-end buyers were willing to spend more than ever before on prime properties.
Some high-income buyers purchased classic mansions in older neighborhoods like Hyde Park and then invested in major renovations, while others built brand-new luxury homes in suburbs like Mason or Loveland where there’s open land for development. Neighborhoods such as Montgomery and Blue Ash have also seen more high earners moving in, drawn by excellent schools and newly built luxury homes.
Luxury condos have a smaller niche in Cincinnati, but downtown and the riverfront have a few prestigious buildings (like those with views of the Ohio River) that have attracted affluent downsizers and professionals. Overall, though, Cincinnati’s wealthiest residents are primarily buying large suburban homes or estates.
Other Areas: Affluent Pockets Beyond the Big Cities
While Columbus, Cleveland, and Cincinnati dominate the state’s high-income housing activity, other Ohio areas have their own affluent pockets. Greater Dayton has Oakwood and Sugarcreek Township, where some homes top the local charts. Toledo’s suburb of Ottawa Hills is known for high-income households living in stately homes along tree-lined streets.
College towns like Oxford (home to Miami University) and Granville (home to Denison University) also host some wealthy families (professors or retirees) in elegant historic homes. Even in more rural parts of Ohio, you can find the occasional high-earning family who might own a large farm estate or a country home with lots of acreage. However, these areas see far fewer transactions by $500k+ earners compared to the big metros.
Secondary Properties: Vacation Homes and Investments
Many of Ohio’s richest households don’t stop at just one home. With their disposable income, some purchase second homes or investment properties. From 2018 to 2023, there was notable interest among high-income buyers in owning vacation retreats or rental real estate.
Vacation Homes
The pandemic sparked a nationwide boom in vacation-home buying, largely driven by affluent buyers. In 2020 alone, U.S. vacation home sales jumped 16.4%, far outpacing the growth in overall home sales. High-income Ohioans were part of this surge.
Those who wanted a nearby getaway might have bought lake cottages along Lake Erie or cabins in Ohio’s Hocking Hills region for weekend retreats. Others purchased condos in sunny states like Florida or Arizona as second homes (especially popular for retirees or those planning ahead for winter escapes).
Nearly all of these vacation-home buyers were in the high-income bracket – in fact, roughly 86% of second-home mortgages in 2023 were taken out by high-income buyers, showing how dominant wealthy households are in the second-home market. Some used ultra-low 2020–2021 interest rates to finance these purchases, while others paid cash.
Investment Properties
Rental property investing is another avenue. Some top-earning households expanded their portfolios by buying additional houses or condos to rent out for income. This was especially attractive when home prices were rising quickly and interest rates were low.
For example, an executive in Cleveland might buy a few single-family homes in up-and-coming neighborhoods to rent, or a doctor in Columbus might purchase a small apartment building as a long-term investment. By 2023, about 8.6% of all U.S. mortgages were for investment-property purchases (not primary homes), and much of this activity came from people with higher incomes.
Ohio’s relatively affordable prices made it feasible for some high earners to become minor landlords. It’s worth noting that from 2022 onward, higher interest rates cooled some of this investor activity, but those with cash still continued to buy.
The Cash Advantage
Whether for second homes or investments, affluent buyers often use cash. This became even more prevalent in recent years. By late 2023, about 43% of luxury home purchases nationally were all-cash, up from 35% a year before.
The ability to pay cash gave wealthy buyers a huge advantage, allowing them to snag properties even as borrowing became pricier. In Ohio, sellers of vacation homes or desirable rentals were more likely to choose a cash offer from a high-income buyer, knowing the deal would close quickly.
Market Evolution: 2018–2023 vs. 2008–2017
It’s insightful to compare the recent trends with the prior decade (2008–2017) to see how the behavior of high-income homebuyers has evolved.
Contrasting Market Conditions
The 2008–2017 period started with the housing crash and Great Recession. In the late 2000s, even rich buyers pulled back – luxury home sales plunged during 2008–2010 as credit tightened and confidence was low. Many high-income Ohioans stayed put in their homes or even downsized out of caution around 2008–2012.
By the mid-2010s, markets recovered. From 2013–2017, interest rates were low and the economy was growing steadily, which encouraged more high-end buying, but price growth was moderate.
In contrast, 2018–2023 saw an extraordinary run-up in prices and activity, especially around 2020–2021. Home values in upscale Ohio areas grew far faster than in the earlier decade. For instance, Amberley Village (Cincinnati area) saw home values double from 2011 to 2025, with over half of that growth happening just since 2020.
The later period also had unprecedented factors – the pandemic push for housing, followed by a sharp rise in inflation and mortgage rates – which created a more volatile but often advantageous market for those with means.
Shifting Market Dynamics
In the earlier period (post-2008), high-income buyers often had the upper hand because there were fewer competitors for luxury homes. A wealthy buyer in 2010 could sometimes snag a luxury property at a relative bargain, since demand was low.
Fast forward to 2020, and it was a strong seller’s market nearly everywhere. Even mansions attracted multiple offers. By 2021, it was not uncommon for a million-dollar listing in Columbus or Cleveland to receive several bids, something rarely seen in the early 2010s.
High-income buyers had to be more aggressive in 2018–2023, frequently paying above asking price or making cash offers to win their desired home. Their willingness to do so is reflected in the data – nearly 45% of new mortgages in 2023 nationwide went to high-income buyers, up from about 41% in 2020, indicating that affluent buyers reclaimed a larger share of the market as competition intensified.
Changing Property Preferences
Both periods saw upsizing and some downsizing, but for different reasons.
2008–2017: Upsizing was gradual and careful. High earners who bought homes in the early 2000s might have delayed moving up during the recession and only did so later in the decade when the economy improved. Downsizing in that era often meant people hit by investment losses in 2008 chose to simplify.
2018–2023: Upsizing became almost a rush during 2020–2021 – those who could afford it hurried to buy bigger houses while interest rates hit record lows (near 3%). This led to a mini “arms race” for space among the affluent. Downsizing in this later period was more about lifestyle choice (as with the empty-nesters moving downtown for fun), rather than economic necessity.
Secondary Property Trends
High-income individuals have long bought vacation homes, but the scale differed. Prior to 2018, second-home purchases were steady but not headline-worthy. After the recession, some deals on lake houses or Florida condos were available, and wealthy Ohioans did buy them, but it wasn’t a pronounced trend.
In 2020–2021, however, there was a well-publicized flood of second-home buying as remote work allowed people to spend more time away from the office. The share of mortgages for second homes hit about 5% of all home loans in 2021, higher than at any point in the previous decade. By 2023, that share fell back to under 3% as the craze cooled.
Investment property interest also grew in the 2010s (with the rise of flipping and rentals), yet the low interest rates and inflation of the early 2020s made real estate investment even more attractive to the wealthy (until rates spiked in 2022).
Conclusion
The 2018–2023 era was marked by rapid growth and high activity among Ohio’s richest homebuyers, especially compared to the more restrained post-recession years of 2008–2017. The recent period saw them buying more expensive homes, driving up luxury prices, leveraging cash advantages, and expanding into multiple properties.
It was also a time when external factors like a pandemic and fluctuating interest rates significantly influenced behavior – prompting moves and purchases that might not have happened under “normal” conditions. Meanwhile, the earlier period was about recovery and stabilization, with wealthy buyers cautiously resuming their role in the market.
As of 2023, high-income households continue to be a powerful force in Ohio’s housing landscape. They have shown resilience – adjusting their strategies whether it means paying cash to “escape” high mortgage rates or shifting to different types of homes as their needs change.
Looking ahead, their decisions will keep shaping Ohio’s real estate trends, from the construction of new luxury homes in booming areas to the revitalization of urban centers with empty-nester condo dwellers. The past years have underscored that when it comes to homebuying in Ohio, the habits of the wealthy can have an outsized impact on the market outcomes for many.
References
- Top 1 Percent Threshold by State 2025 – World Population Review
- Redfin Reports Low-Income Americans Have Lost the Homebuying Progress They Made During the Pandemic – BusinessWire
- Luxury Home Prices Jump as Affluent Buyers Dodge High Rates – Redfin
- Columbus Top 10 home sales of 2022 start at nearly $3 million – The Columbus Dispatch
- These were Greater Cincinnati’s most expensive home sales of 2023 – Cincinnati Business Courier
- Recent Homebuying Trends Among High-Income Households in Minnesota – Home Stratosphere
- Columbus Demographics | Columbus Ohio Living | Columbus Ohio Relocation – CityScene Magazine
- Central Ohio’s most expensive homes sold this year were in New Albany – Columbus Business First
- Vacation Home Sales Surges During Pandemic – National Association of REALTORS®
- Demand For Vacation-Home Mortgages Fell 40% in 2023 As Housing Costs Rose to Record High – Redfin
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