Cost of Living in Covington city, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
These figures are county medians, not a personal budget. Use them to frame rent, ownership, and income tradeoffs, then account for household size, commute, financing, insurance, taxes, debt, and local availability before making a decision.
How Covington city Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Covington city ranks #691 of 3,142 counties for affordability (top 22%)
Sourced county brief
Covington City Median Home Value Estimated at $83,500
In Covington city, the median home value was estimated at $83,500, which is $212,308 below the Virginia unweighted county mean of $295,808. The median gross rent in the city is $794 per month, compared to the state unweighted county mean of $1,170. According to ACS table B25071, the official median gross rent as a percentage of household income (GRAPI) is 28.8%, which is 0.2 percentage points above the Virginia unweighted county mean official GRAPI of 28.6%. Median selected monthly owner costs were $633, lower than the state unweighted county mean of $1,190. Renter households in the city had a median income of $30,954. These findings provide a data snapshot of housing costs for the city during the 2020-2024 ACS period. See ACS table B25071 for the underlying estimate.
Source record
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25064 Median Gross Rent
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25071 GRAPI
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25077 Median Home Value
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25088 Selected Monthly Owner Costs
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25119 Household Income by Tenure
Data version acs5-2020-2024 · Method cost-brief-v1
Cost of Living Advisory: Covington city
Affordability Verdict
ACS B25071 estimates median gross rent at 28.8% of renter household income in Covington city, which is below the 30% affordability benchmark. This is a median percentage among renter-occupied units, not the share of households above a threshold.
Rent vs. Own
Median gross rent is $794 per month; median selected monthly owner costs are $633. These ACS medians describe different tenure groups and are not a personalized rent-versus-buy calculation.
Income Needed
Using the common 30% budgeting benchmark, $31,760 in annual gross income would allocate 30% to the county's median gross rent. This is a reproducible illustration, not evidence that a particular household can afford housing.
Regional Context
The Virginia unweighted mean of county median rents is $1,170 per month. Covington city's $794 median is 32.1% below that comparison value.
Data version acs5-2020-2024 · Method cost-advisory-v2
Affordability Calculator
See how your income compares to housing costs in Covington city
Rent Burden
22.7%
of gross income
Max Housing (28% Rule)
$979
per month
Owner Cost Burden
18.1%
of gross income
You can likely afford the median home in Covington city
Median home value is $83,500. Estimated monthly cost: $667 vs. your max of $979.
Rent Affordability Guide
Income Needed Calculator
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2020-2024). Data is informational only and is not personalized financial advice.
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