The typical owner-occupied home in Covington is worth about $132,500, 53% below the Texas median of $283,800 and 60% below the national median of $332,700. Owners pay a median $1,917 a year in property taxes, about 1.45% of their home's value, close to the Texas rate of 1.49%. The median household earns $43,977 a year, so the median home costs 3.0 times the median income (3.6 times for Texas). 88% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Covington at a glance
| Covington | Texas | U.S. | |
|---|---|---|---|
| Median home value | $132,500 | $283,800 | $332,700 |
| Median property tax paid per year | $1,917 | $4,232 | $3,119 |
| Property tax as a share of value | 1.45% | 1.49% | 0.94% |
| Median household income | $43,977 | $78,476 | $80,734 |
| Homes lived in by their owners | 88% | 63% | 65% |
| Owner homes with a mortgage | 47% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $2,120 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 36.4% | 21.7% | 21.0% |
| Median rent | $1,031 | $1,403 | $1,413 |
| Median year homes were built | 1960 | 1992 | 1980 |
| Vacant homes | 6.5% | 9.4% | 10.1% |
| Population | 274 | 30,188,424 | 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 $132,500 with 20% down costs about $928 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,149, 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 $39,788 for the 20%-down payment. That payment is 25% of the median Covington household income of $43,977; at that income and 20% down, the 28% guideline points to a home of about $146,000.
The median rent here is $1,031 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $26,500 |
|---|---|
| Loan amount | $106,000 |
| Principal and interest | $713 |
| Property taxes (1.45% a year) | $160 |
| Homeowners insurance (our estimate, 0.5% a year) | $55 |
| PMI | $0 |
| Total per month | $928 |
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| Down payment | $4,638 |
|---|---|
| Loan amount | $130,100 |
| Principal and interest | $875 |
| Property taxes (1.45% a year) | $160 |
| Homeowners insurance (our estimate, 0.5% a year) | $55 |
| FHA mortgage insurance | $59 |
| Total per month | $1,149 |
Change the numbers in the calculator
Questions about home buying in Covington
What is the median home value in Covington?
About $132,500 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 $1,917 a year, which is about 1.45% 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 $928 a month. Keeping that under 28% of gross income takes about $39,788 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