The profitability of an Adsense niche is primarily based on the amount that Adwords advertisers are spending to compete in that niche.
Remember that an Adsense ad is only an Adwords ad that is appearing on your site and not Google. The amount that an ad generates per click is therefore directly related to the amount that Adwords advertisers are paying per click. Bottom line - if they are paying more we earn more.
So how can you find out which niches (and which keywords inside those niches) advertisers are spending more money on?
I use two different methods:
1. Keyword Research With Keyword Country
As you will have probably have started to gather I cannot lay enough praise on this tool. In fact I struggle to understand how I researched, chose and targeted niche sites before I got hold of it...it's that good. Aswell as being able to search by category or keyword you can also search by price range. For example, you can decide to find keywords that have an average cpc of say between $18 and $20. If you enter this price range it will return a list of keywords which fall inside that parameter - in this case - 3957 different keyword phrases.
The top 5 rated keywords in this cpc range were: "credit card", "free credit report", "mortgage rates", "consolidate debt" and "website hosting". All you need to do is go down the list work out which ones would be suitable for an Adsense monetized information site, extend your keyword research by taking your chosen phrase and entering it into the search box, build the content, integrate the Adsense and promote your new website.