The typical owner-occupied home in Covington city is worth about $83,500, 78% below the Virginia median of $383,700 and 75% below the national median of $332,700. Owners pay a median $681 a year in property taxes, about 0.82% of their home's value, higher than the Virginia rate of 0.73%. The median household earns $41,944 a year, so the median home costs 2.0 times the median income (4.1 times for Virginia). 70% of occupied homes here are lived in by their owners, and 44% of those owners still have a mortgage.
Covington city at a glance
| Covington city | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $83,500 | $383,700 | $332,700 |
| Median property tax paid per year | $681 | $2,790 | $3,119 |
| Property tax as a share of value | 0.82% | 0.73% | 0.94% |
| Median household income | $41,944 | $93,170 | $80,734 |
| Homes lived in by their owners | 70% | 67% | 65% |
| Owner homes with a mortgage | 44% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,091 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 20.1% | 21.0% |
| Median rent | $794 | $1,579 | $1,413 |
| Rent as a share of renters' income | 28.8% | 29.4% | 30.6% |
| Median year homes were built | 1951 | 1984 | 1980 |
| Vacant homes | 15.1% | 8.7% | 10.1% |
| Population | 5,680 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Covington city
At this week's average 30-year rate of 7.11%, buying the median Covington city home of $83,500 with 20% down costs about $541 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $680, 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 $23,195 for the 20%-down payment. That payment is 15% of the median Covington city household income of $41,944; at that income and 20% down, the 28% guideline points to a home of about $151,000.
The median rent here is $794 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $16,700 |
|---|---|
| Loan amount | $66,800 |
| Principal and interest | $449 |
| Property taxes (0.82% a year) | $57 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| PMI | $0 |
| Total per month | $541 |
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| Down payment | $2,922 |
|---|---|
| Loan amount | $81,988 |
| Principal and interest | $552 |
| Property taxes (0.82% a year) | $57 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| FHA mortgage insurance | $37 |
| Total per month | $680 |
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Questions about home buying in Covington city
What is the median home value in Covington city?
About $83,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Covington city?
Homeowners pay a median $681 a year, which is about 0.82% 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 city?
For the median home with 20% down at 7.11%, the payment is about $541 a month. Keeping that under 28% of gross income takes about $23,195 a year.
More about Covington city
- Mortgage Refinance in Covington city
- Debt Relief in Covington city
- Home Equity Loans in Covington city
- 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