Covington, KY Cost Of Living
Cost Of Living In Covington, KY Summary
Cost of living in Covington research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Covington is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Kentucky, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Covington is 88, with 100 being the average.
The cost of living index in Covington is 0.9x lower than the national average.
Covington ranks as the #27 cheapest in Kentucky out of 85.
Covington ranks as the #1,278 cheapest out of 6,412 in the US.
The median home value in Covington is $130,500.
The median income in Covington is $47,917.
Table Of Contents
Covington's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Covington, KY?
According to the most recent data on the cost of living, Covington has an overall cost of living index of 88, which is 0.9x lower than the national index of 100.
Compared to Kentucky, Covington has a cost of living index that's 0.9x lower than Kentucky's index of 94.
The standard of living in Covington ranks as #27 most affordable out of the 85 places we measured in Kentucky. By definition, that implies Covington ranks as the #58 most expensive place in the Bluegrass State.
For more reading on life in Covington, check out:
- Living In Covington
- Covington Crime Report
- Search Homes For Sale In Covington, KY
In Kentucky
In America
Covington Cost Of Living Vs. Kentucky
Six factors go into calculating the cost of living index in Covington. Here is how it fairs on each of the criteria:
The Services index in Covington is 99.
The Groceries index in Covington is 97.
The Health index in Covington is 100.
The Housing index in Covington is 60.
The Transportation index in Covington is 105.
The Utilities index in Covington is 88.
| Living Expense | Covington | Kentucky | National Average | |
|---|---|---|---|---|
| Overall | 88 | 94 | 100 | |
| Services | 99 | 105 | 100 | |
| Groceries | 97 | 97 | 100 | |
| Health | 100 | 79 | 100 | |
| Housing | 60 | 75 | 100 | |
| Transportation | 105 | 102 | 100 | |
| Utilities | 88 | 106 | 100 | |
Covington, KY Housing Cost Breakdown
Housing swings affordability the most between places in Kentucky, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Covington is $130,500.
The Median Rent in Covington is $781.
The Median Income in Covington is $47,917.
The Home Value To Income in Covington is 2.7x.
The Rent To Monthly Income in Covington is 0.2x.
| Statistic | Covington | Kentucky | United States |
|---|---|---|---|
| Median Home Value | $130,500 | $155,100 | $244,900 |
| Median Rent | $781 | $826 | $1,163 |
| Median Income | $47,917 | $55,454 | $69,021 |
| Home Value To Income | 2.7x | 2.8x | 3.5x |
| Rent To Monthly Income | 0.2x | 0.18x | 0.2x |
Median Home Value
Median Rent
Median Income
Covington, KY Costs By Category
Detailed Covington Services Costs Vs. Kentucky
Detailed Covington Groceries Costs Vs. Kentucky
Detailed Covington Health Costs Vs. Kentucky
Detailed Covington Transportation Costs Vs. Kentucky
Detailed Covington Utilities Costs Vs. Kentucky
Covington SnackAbility
/10
Cost Of Living In Cities Around Covington
The cost of living varies in the cities and towns around Covington. Here's a quick look at the cost of living in the most populous nearby places:
Monfort Heights, OH has a cost of living index of 98, 1.1x Covington.
Mack, OH has a cost of living index of 104, 1.2x Covington.
Montgomery, OH has a cost of living index of 115, 1.3x Covington.
| City | Population | Cost Of Living | Vs. Covington |
|---|---|---|---|
| Monfort Heights, OH | 13,221 | 98 | 1.1x |
| Mack, OH | 11,452 | 104 | 1.2x |
| Montgomery, OH | 10,796 | 115 | 1.3x |
| Forestville, OH | 10,485 | 99 | 1.1x |
| Madeira, OH | 9,397 | 110 | 1.2x |
| Wyoming, OH | 8,691 | 112 | 1.3x |
| Fort Mitchell, KY | 8,618 | 100 | 1.1x |
| Edgewood, KY | 8,427 | 103 | 1.2x |
| Kenwood, OH | 8,143 | 114 | 1.3x |
| Dry Run, OH | 7,457 | 120 | 1.4x |
