Median income, investment income, median property value, and wealth index can help identify Michigan’s richest counties. Knowing the population in the state’s wealthiest areas is also helpful.
The median household income in the US is $67,521, according to the Census Bureau. Remember that Michigan’s median income is $66,986 while you read about these counties.
Leelanau County
Leelanau County has a median income of $72,709, an investment income of $56,192, and a wealth index of 27.59. The median home income of $509,272 reflects the local economy.
Leelanau County, near Traverse City on the Northwest Lower Peninsula, has many Lake Michigan beach town wineries. About 22,301 people live here. On the Leelanau Peninsula, Sleeping Bear Dunes National Lakeshore offers stunning views of Lake Michigan and its coastline.
Agricultural tourism boosts Leelanau County’s GDP per capita. Wineries and historical excursions are major tourist attractions that benefit the local economy.
Connie Binsfeld, Michigan’s 60th lieutenant governor, influenced local politics in Leelanau County on Glen Lake. Liz Moeggenberg, a WNBA player from Leelanau County’s Empire, MI, is another noteworthy local.
Washtenaw
Washtenaw County is Michigan’s second richest county with a median income of $79,198 and investment income of $44,796. The population is 372,258, the typical home value is $373,627, and the wealth index is 27.37.
Washtenaw County, southeast Michigan, has 27 cities, villages, and townships. This county’s GDP per capita is high due to its closeness to highways and airports. Business is also thriving due to active chambers of commerce and initiatives that help local businesses grow.
High GDP may also be due to education. Over 57% of Washtenaw County citizens 25 and older hold bachelor’s degrees. The University of Michigan and other local colleges may explain this number.
Grace Lee Whitney, born in Ann Arbor, MI, in 1930, is a noteworthy Washtenaw County resident. Her performance as Janice Rand in the original “Star Trek” series and subsequent films made her famous. Famous authors like Katharine Applegate and Elizabeth Kostova were born there.
Livingston
Livingston County, southeast Michigan, with a median income of $88,908 and investment income of $25,044. The wealth index is 26.54, and the median home value is $362,766.
Livingston County has 193,866 residents in 16 townships, two villages, and two cities. Rural farming, historic downtowns, and suburban life are available. Lakeside living and big recreational land allow everyone to discover a space they enjoy.
The high GDP per capita in Livingston County is due to low unemployment. Additionally, local workers often see income rise.
Charlie Gehringer was born in 1903 in Fowlerville, MI, in Livingston County. He played for the Detroit Tigers and was inducted into the Baseball Hall of Fame.
Oakland
Oakland County has a median income of $86,275 and $48,897 investment income. Oakland County is fourth on our list since its typical house value is $334,448 and its wealth index is 26.04.
In southeast Michigan’s Detroit metropolitan area, 1,274,395 live here. Due to their big population, they have a higher corporation tax base and GDP per capita. They offer several professional alternatives, so everyone can find something they enjoy.
Birmingham, MI, in Oakland County, raised actor and comedian David Spade. Popular movies and “Saturday Night Live” are his credits.
Grand Crossing
The typical income in Grand Traverse County is $69,393, and investment income is $47,522. Additionally, the typical home value is $372,836, and the wealth index is 22.50. The largest county in Northern Michigan, it’s in the northwest lower peninsula and has 95,238 residents.
Grand Traverse County’s GDP per capita is high because innovation and growth are fostered. Local businesses assist one another, allowing everyone to succeed.
Grand Traverse County is home to HGTV home renovation expert Carter Oosterhouse. He starred in “Million Dollar Rooms” and “Trading Spaces” after being born in Traverse City, MI, in 1976.
Conclusion
Michigan’s richest counties include Leelanau, with a median income of $72,709; Washtenaw, at $79,198; Livingston, with a median income of $88,908; Oakland, at $86,275; and Grand Traverse, with a median income of $69,393. These areas thrive due to factors like high education levels, economic initiatives, and local attractions, contributing to their high GDP per capita.