salaryCovington is the 5th-largest city in Kentucky that we track, with 41,110 residents. Rent is lower than in 75% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards.
How much money do I need?
To rent here comfortably, you should earn about $48,760 a year. That is $23 an hour at a full-time job.
Is rent cheaper than other Kentucky cities?
No. Rent here is more expensive than in most of Kentucky. It is number 50 of 87 cities from cheapest to most expensive.
How much do households earn in Covington?
Share of households by yearly income. 17.7% of households earn $100,000 or more.
Rent by apartment size in Covington
| Size | Covington | U.S. average |
|---|---|---|
| Studio | $856 | $1,338 |
| 1 bedroom | $875 | $1,324 |
| 2 bedrooms | $1,221 | $1,509 |
| 3 bedrooms | $1,304 | $1,698 |
| 4 bedrooms | $1,493 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Covington overall?
Everyday prices in Kentucky overall are 10% below the U.S. average (index 90.2, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Covington, so the Kentucky figure is shown.
Taxes and bills in Covington
Life in Covington
Is it cheaper to rent or buy in Covington?
Renting is cheaper right now: about $81 a month less.
Owning assumes a typical $187,300 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $18,730 for the down payment.
Frequently asked questions
What is the average rent in Covington, KY?
Renting in Covington costs a median of about $1,219 a month in 2026, including utilities. The Kentucky median is $1,175.
How much do I need to make to live in Covington?
To keep rent under 30% of income, you need about $48,760 a year, or $23 an hour at a full-time job.
Is Covington cheap or expensive?
Covington is rated OK: rent takes 22.2% of the typical household income of $65,968. It ranks 50th cheapest of 87 Kentucky cities we track.
How much are property taxes in Covington?
The median homeowner in Covington pays $2,085 a year in property taxes, about 1.11% of the median home value.
Is Covington more expensive than the national average?
Overall prices in Kentucky are 10% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Covington?
The median home value in Covington is $187,300, about 2.8 times the typical yearly household income.
41,110 people live in Covington. Numbers are typical (middle) values.