States › Tennessee › Covington

Is Covington, TN expensive to live in?

OKRent takes 26 cents of every $1 people earn here.
🏠 Rent per month (2026)$98244% lower than U.S. average
💵 Families earn per year (2026)$45,571about $3,798/month · 48% lower than U.S. average
🔑 House price$185,90044% lower than U.S. average

Rent is lower than in 89% of U.S. cities. A typical house costs about 4.1 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $39,280 a year. That is $19 an hour at a full-time job.

Is rent cheaper than other Tennessee cities?

Yes. Rent here is cheaper than in most of Tennessee. It is number 26 of 114 cities from cheapest to most expensive.

Covington
$982
Jefferson City
$1,162
Signal Mountain
$1,949
Thompson's Station
$2,197
Pulaski
$832
Milan
$847
Harrison
$1,279

How much do households earn in Covington?

Under $25k
25.8%
$25k–50k
20.6%
$50k–100k
34.8%
$100k–150k
5.8%
$150k+
1.7%

Share of households by yearly income. 7.5% of households earn $100,000 or more.

Rent by apartment size in Covington

SizeCovingtonU.S. average
1 bedroom$478$1,324
2 bedrooms$1,055$1,509
3 bedrooms$1,066$1,698
4 bedrooms$826$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Covington overall?

Everyday prices in Tennessee overall are 8% below the U.S. average (index 91.9, U.S. = 100).

Housing
79
Goods (food, clothes…)
96
Utilities
72
Other services
95
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Covington, so the Tennessee figure is shown.

Taxes and bills in Covington

🏛️ Property tax$1,253a year · 0.67% of home value · U.S. $3,119
⚡ Electric bill$147a month (typical) · U.S. $156

Life in Covington

Commute to work23 minU.S.: 26.4 min
College degree13.7%U.S.: 35.7%
Own their home45.3%U.S.: 65.2%
Below poverty line29.2%U.S.: 12.5%
Unemployment8.8%U.S.: 5.2%

Is it cheaper to rent or buy in Covington?

Renting is cheaper right now: about $308 a month less.

Renting
$982
Owning
$1,290

Owning assumes a typical $185,900 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $18,590 for the down payment.

Frequently asked questions

What is the average rent in Covington, TN?

Renting in Covington costs a median of about $982 a month in 2026, including utilities. The Tennessee median is $1,279.

How much do I need to make to live in Covington?

To keep rent under 30% of income, you need about $39,280 a year, or $19 an hour at a full-time job.

Is Covington cheap or expensive?

Covington is rated OK: rent takes 25.9% of the typical household income of $45,571. It ranks 26th cheapest of 114 Tennessee cities we track.

How much are property taxes in Covington?

The median homeowner in Covington pays $1,253 a year in property taxes, about 0.67% of the median home value.

Is Covington more expensive than the national average?

Overall prices in Tennessee are 8% 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 $185,900, about 4.1 times the typical yearly household income.

8,587 people live in Covington. Numbers are typical (middle) values.