Cost of Living in Covington, KY
Population 41,110 · Census ACS 2020–2024 5-year estimates
The median rent in Covington, KY is $1,006/month, 4% higher than the Kentucky median and 29% lower than the U.S. median. The median home value is $187,300, 44% lower than the national median. Households earn a median of $61,166 a year, 4% lower than the state median.
Affordability
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Covington vs. Kentucky vs. U.S.
| Covington | Kentucky | U.S. | |
|---|---|---|---|
| Median rent | $1,006 | $967 | $1,413 |
| Median home value | $187,300 | $205,600 | $332,700 |
| Median household income | $61,166 | $63,726 | $80,734 |
| Homeownership rate | 51.8% | 68.3% | 65.2% |
| Bachelor's degree or higher | 32.2% | 27.6% | 35.7% |
| Poverty rate | 20.8% | 16.1% | 12.5% |
| Unemployment rate | 5.7% | 4.9% | 5.2% |
| Work from home | 14.1% | 10.2% | 15.1% |
| Median age | 37.6 | 39.1 | 38.9 |
FAQ
What is the average rent in Covington, KY?
The median gross rent in Covington, KY is $1,006 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Covington, KY?
Using the common 30% rule, renting a median-priced home takes about $40,240 a year in gross income.
Is Covington, KY expensive to live in?
Rent there is 29% lower than the U.S. median, and the median home costs about 3.1 times the median household income.
Other cities in Kentucky
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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