States › Virginia › Covington

Is Covington, VA expensive to live in?

OKRent takes 27 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,03441% lower than U.S. average
💵 Families earn per year (2026)$45,237about $3,770/month · 48% lower than U.S. average
🔑 House price$83,50075% lower than U.S. average

Rent is lower than in 86% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are short, about 17.1 minutes.

How much money do I need?

To rent here comfortably, you should earn about $41,360 a year. That is $20 an hour at a full-time job.

Is rent cheaper than other Virginia cities?

Yes. Rent here is cheaper than in most of Virginia. It is number 17 of 199 cities from cheapest to most expensive.

Covington
$1,034
Marion
$962
Crosspointe
$3,500+
Potomac Mills
$2,058
Dumfries
$1,822
Emporia
$1,329
Stafford Courthouse
$2,415

How much do households earn in Covington?

Under $25k
31.4%
$25k–50k
27.4%
$50k–100k
26.9%
$100k–150k
7.9%
$150k+
2.0%

Share of households by yearly income. 9.9% of households earn $100,000 or more.

Rent by apartment size in Covington

SizeCovingtonU.S. average
1 bedroom$670$1,324
2 bedrooms$941$1,509
3 bedrooms$743$1,698

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

How expensive is Covington overall?

Everyday prices in Virginia overall are 1% above the U.S. average (index 101.1, U.S. = 100).

Housing
107
Goods (food, clothes…)
100
Utilities
92
Other services
100
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 Virginia figure is shown.

Taxes and bills in Covington

🏛️ Property tax$681a year · 0.82% of home value · U.S. $3,119
⚡ Electric bill$153a month (typical) · U.S. $156

Life in Covington

Commute to work17.1 minU.S.: 26.4 min
College degree9.5%U.S.: 35.7%
Own their home70.1%U.S.: 65.2%
Below poverty line25.7%U.S.: 12.5%
Unemployment2.8%U.S.: 5.2%

Is it cheaper to rent or buy in Covington?

Buying is cheaper month to month: about $455 a month less than renting.

Renting
$1,034
Owning
$579

Owning assumes a typical $83,500 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $8,350 for the down payment.

Frequently asked questions

What is the average rent in Covington, VA?

Renting in Covington costs a median of about $1,034 a month in 2026, including utilities. The Virginia median is $2,049.

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

To keep rent under 30% of income, you need about $41,360 a year, or $20 an hour at a full-time job.

Is Covington cheap or expensive?

Covington is rated OK: rent takes 27.4% of the typical household income of $45,237. It ranks 17th cheapest of 199 Virginia cities we track.

How much are property taxes in Covington?

The median homeowner in Covington pays $681 a year in property taxes, about 0.82% of the median home value.

Is Covington more expensive than the national average?

Overall prices in Virginia are 1% above 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 $83,500, about 1.8 times the typical yearly household income.

5,680 people live in Covington. Numbers are typical (middle) values.