Covington, Kentucky Income Statistics
Covington Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
C
Covington Below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Covington | Kentucky Avg | US Average |
|---|---|---|---|
| Median Household Income | $65,271 | $64,312 | $80,455 |
| Median Personal Income | $53,822 | $52,849 | $60,758 |
| Average Yearly Income Growth | 5.9% | 4.6% | 4.8% |
| Six-Figure Earners | 10.2% | 8.9% | 13.9% |
| $200k+ Households | 7.8% | 7.2% | 13.2% |
The median household income in Covington is about 1% higher than in Kentucky. Income has been growing faster in Covington (5.9%/yr) than in Kentucky (4.6%/yr).
About 10% of adults in Covington earn six figures ($100,000 or more) a year, higher than the Kentucky average of 9%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Covington, Kentucky grew by 59.9% from 2009 to 2024, reaching $65,271 in 2024. That's an average of about 5.9% per year.
Income Inequality and the Gender Pay Gap in Covington
| Metric | Covington | Kentucky Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.527 | 0.547 | 0.552 |
| Male Median Income | $58,874 | $60,966 | $69,667 |
| Female Median Income | $55,487 | $49,119 | $56,850 |
| Gender Pay Gap | 5.8% | 19.4% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Covington, it is 0.527, lower than Kentucky's 0.547, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 6% more than women's income in Covington, Kentucky. Over a 35-year career, a 6% wage gap accumulates to roughly $118,545 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Covington, Kentucky has narrowed from about 14% to 6% in 2024. Over that period the gap was widest at 18% in 2015, and was narrowest at 6% in 2023. In dollar terms, the gap has narrowed by $2,221 since 2009.
Employment
| Metric | Covington | Kentucky Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.3% | 4.8% | 5.2% |
| Working from Home | 14.0% | 10.2% | 15.0% |
| Commute time (minutes) | 20 | 20 | 22 |
Approximately 1,249 people are unemployed in Covington, Kentucky.
The average commute time in Covington is 20 minutes, about the same as in Kentucky.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Covington, Kentucky has fallen from 9.6% to 5.3% in 2024. Over that period the rate peaked at 11.7% in 2013 and fell as low as 4.6% in 2023.
Conclusion
Considering all these factors, Covington, Kentucky has an overall wealth index grade of C, making it about on par with Kentucky, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Covington, Kentucky.
How Rich Is Covington, Kentucky?
Covington has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $65,271, about 1% higher than the Kentucky average of $64,312.
How fast is household income rising in Covington, Kentucky?
Between 2009 and 2024, the median household income in Covington, Kentucky rose 60%, from $40,816 to $65,271. Over the same years, income here outpaced Kentucky as a whole: +60% against +56%.
What was the median household income in Covington in 2023?
In 2023, the median household income in Covington, Kentucky was $62,862, up 11% from $56,851 in 2022. The Kentucky median that year was $62,783.
What was the median household income in Covington in 2020?
In 2020, the median household income in Covington, Kentucky was $49,664. By 2024 it had risen 31% to $65,271.
What is the Gini coefficient in Covington, Kentucky?
The Gini coefficient in Covington is 0.527. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Covington, Kentucky?
Since 2009, the income gap between men and women in Covington, Kentucky has narrowed from about 14% to 6% in 2024. Over that period the gap was widest at 18% in 2015, and was narrowest at 6% in 2023. In dollar terms, the gap has narrowed by $2,221 since 2009.
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 →