The typical owner-occupied home in Covington is worth about $301,900, about the same as the Georgia median of $303,300 and 9% below the national median of $332,700. Owners pay a median $2,549 a year in property taxes, about 0.84% of their home's value, higher than the Georgia rate of 0.77%. The median household earns $58,810 a year, so the median home costs 5.1 times the median income (3.9 times for Georgia). 49% of occupied homes here are lived in by their owners, and 73% of those owners still have a mortgage.
Covington at a glance
| Covington | Georgia | U.S. | |
|---|---|---|---|
| Median home value | $301,900 | $303,300 | $332,700 |
| Median property tax paid per year | $2,549 | $2,341 | $3,119 |
| Property tax as a share of value | 0.84% | 0.77% | 0.94% |
| Median household income | $58,810 | $77,353 | $80,734 |
| Homes lived in by their owners | 49% | 66% | 65% |
| Owner homes with a mortgage | 73% | 63% | 61% |
| Median monthly costs, owners with a mortgage | $1,887 | $1,783 | $1,963 |
| Those costs as a share of the owners' income | 21.7% | 20.0% | 21.0% |
| Median rent | $1,191 | $1,393 | $1,413 |
| Rent as a share of renters' income | 41.9% | 31.3% | 30.6% |
| Median year homes were built | 1989 | 1992 | 1980 |
| Vacant homes | 8.9% | 10.3% | 10.1% |
| Population | 14,584 | 10,940,407 | 334,922,499 |
What a typical home costs per month in Covington
At this week's average 30-year rate of 7.11%, buying the median Covington home of $301,900 with 20% down costs about $1,962 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,465, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $84,079 for the 20%-down payment. That payment is 40% of the median Covington household income of $58,810; at that income and 20% down, the 28% guideline points to a home of about $211,000.
The median rent here is $1,191 a month, so owning the median home costs about $771 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $60,380 |
|---|---|
| Loan amount | $241,520 |
| Principal and interest | $1,625 |
| Property taxes (0.84% a year) | $211 |
| Homeowners insurance (our estimate, 0.5% a year) | $126 |
| PMI | $0 |
| Total per month | $1,962 |
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| Down payment | $10,566 |
|---|---|
| Loan amount | $296,432 |
| Principal and interest | $1,994 |
| Property taxes (0.84% a year) | $211 |
| Homeowners insurance (our estimate, 0.5% a year) | $126 |
| FHA mortgage insurance | $134 |
| Total per month | $2,465 |
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Questions about home buying in Covington
What is the median home value in Covington?
About $301,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Covington?
Homeowners pay a median $2,549 a year, which is about 0.84% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Covington?
For the median home with 20% down at 7.11%, the payment is about $1,962 a month. Keeping that under 28% of gross income takes about $84,079 a year.
More about Covington
- Mortgage Refinance in Covington
- Debt Relief in Covington
- Home Equity Loans in Covington
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data