Covington, Kentucky Housing Market Prices
Covington Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
-
Median home price 7% above the Kentucky median$126,532
-
Median rent 6% above the Kentucky median$1,024
Housing Market Overview
| Metric | Covington | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $126,532 | $118,017 | $248,835 |
| Price Trend (Annual %) | 5.7% | 3.8% | 7.5% |
| Median Gross Rent | $1,024 | $967 | $1,407 |
| Rent Trend (Annual %) | 5.3% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Covington is about 7% higher than in Kentucky. Rent is about 6% higher than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Covington, up about 5.7% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Covington rose about 50.3% between 2015 and 2024, from $681 to $1,024. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Covington.
Buying the median-priced home in Covington costs roughly 10.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Covington. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Covington | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $126,532 | $118,017 | $248,835 |
| Median Household Income | $65,271 | $64,312 | $80,455 |
| Price-to-Income Ratio | 1.9 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Covington rose about 64.1%, while median household income rose about 47.0% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Covington | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.2% | 61.3% | 58.5% |
| Rental Rate | 39.6% | 28.4% | 31.2% |
| Vacancy Rate | 13.2% | 10.3% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Covington has a homeownership rate of 47.2%, lower than the Kentucky average of 61.3%. Its housing vacancy rate is 13.2%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Covington | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1957 | 1981 | 1978 |
| Median Number of Rooms | 5.0 | 5.7 | 5.5 |
The typical housing unit in Covington was built around 1957. On average, 2.2 people live in a home with about 5.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Covington, Kentucky.
What is the median home price in Covington, Kentucky?
The median home price in Covington, Kentucky is $126,532, higher than the Kentucky average of $118,017.
What is the average home price in Covington, Kentucky?
The typical home price in Covington, Kentucky, reported as the median sale price, is $126,532. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Covington, Kentucky?
The median gross rent in Covington, Kentucky is $1,024 per month, higher than the Kentucky average of $967.
What was the median gross rent in Covington in 2020?
In 2020, the median gross rent in Covington, Kentucky was $732 per month.
What is the price-to-rent ratio in Covington, Kentucky?
The price-to-rent ratio in Covington, Kentucky is about 10.3, meaning it would take roughly 10.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Covington.
Are home prices or rent rising faster in Covington, Kentucky?
Both home prices and rent are rising in Covington, up about 5.7% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Covington, Kentucky?
47.2% of households in Covington, Kentucky own their home, lower than the Kentucky average of 61.3%.
What is the vacancy rate in Covington, Kentucky?
The housing vacancy rate in Covington, Kentucky is 13.2%, higher than the Kentucky average of 10.3%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →