Covington city, Virginia Income Statistics
Covington city Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
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D
Covington city Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Covington city | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $43,431 | $93,527 | $80,455 |
| Median Personal Income | $46,289 | $68,139 | $60,758 |
| Average Yearly Income Growth | 3.0% | 4.3% | 4.8% |
| Six-Figure Earners | 3.9% | 18.3% | 13.9% |
| $200k+ Households | 0.0% | 17.7% | 13.2% |
The median household income in Covington city is about 54% lower than in Virginia. Income has been growing slower in Covington city (3.0%/yr) than in Virginia (4.3%/yr).
About 4% of adults in Covington city earn six figures ($100,000 or more) a year, lower than the Virginia average of 18%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Covington city, Virginia grew by 20.6% from 2009 to 2024, reaching $43,431 in 2024. That's an average of about 3.0% per year.
Income Inequality and the Gender Pay Gap in Covington city
| Metric | Covington city | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.544 | 0.552 |
| Male Median Income | $54,224 | $78,585 | $69,667 |
| Female Median Income | $29,308 | $62,626 | $56,850 |
| Gender Pay Gap | 45.9% | 20.3% | 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 city, it is 0.537, lower than Virginia's 0.544, 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 85% more than women's income in Covington city, Virginia. Over a 35-year career, a 85% wage gap accumulates to roughly $872,060 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 city, Virginia has widened from about 25% to 46% in 2024. Over that period the gap was narrowest at 14% in 2021. In dollar terms, the gap has widened by $16,049 since 2009.
Sharply against the trend: the pay gap in Covington city widened by 20.5 points while Virginia's narrowed by 3.2 points.
Employment
| Metric | Covington city | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.8% | 4.1% | 5.2% |
| Working from Home | 7.3% | 18.3% | 15.0% |
| Commute time (minutes) | 12 | 23 | 22 |
Approximately 57 people are unemployed in Covington city, Virginia.
The average commute time in Covington city is 12 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Covington city, Virginia has fallen from 4.9% to 2.8% in 2024. Over that period the rate peaked at 7.0% in 2015 and fell as low as 2.4% in 2023.
Covington city, VA Wealth Compared With Nearby Counties
Covington city, VA is the 4th largest of the 6 counties compared here, 5,680 residents against a local median of 14,859. The measure that sets Covington city, VA apart most is median household income: $43,431, 25% below the local median of $58,076. That is the weaker end of the local range on this measure.
Unemployment tells the same story from another angle: 2.8% against a local median of 2.3%, 21% above it. Every measure here with a clear better direction points the same way, and it is the wrong way: Covington city, VA reads weaker than its neighbours on all of them. The counties themselves spread $33,744 on median household income, so Covington city, VA sits at one end of an already wide local range rather than apart from it. Covington city, VA has the 6th highest median household income of the 6 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Covington city, VA | 5,680 | $43,431 #6/6 | 3.0%/yr #4/6 | 2.8% #5/6 | 0.537 #4/6 |
| Alleghany County, VA | 14,859 | $55,586 | 2.5%/yr | 2.3% | 0.533 |
| Botetourt County, VA | 34,003 | $81,753 | 3.6%/yr | 2.4% | 0.515 |
| Craig County, VA | 4,833 | $71,702 | 8.1%/yr | 2.2% | 0.521 |
| Bath County, VA | 4,100 | $58,076 | 3.7%/yr | 1.3% | 0.564 |
| Greenbrier County, WV | 32,386 | $48,009 | 2.4%/yr | 4.2% | 0.545 |
Conclusion
Considering all these factors, Covington city, Virginia has an overall wealth index grade of D, making it somewhat worse than Virginia, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Covington city, Virginia.
How Rich Is Covington city, Virginia?
Covington city has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $43,431, about 54% lower than the Virginia average of $93,527.
Are incomes growing in Covington city, Virginia?
Between 2009 and 2024, the median household income in Covington city, Virginia rose 21%, from $36,013 to $43,431. Over the same years, income here lagged behind Virginia as a whole: +21% against +55%.
What was the median household income in Covington city in 2023?
In 2023, the median household income in Covington city, Virginia was $41,713, down 10% from $46,332 in 2022. The Virginia median that year was $91,420.
What was the median household income in Covington city in 2020?
In 2020, the median household income in Covington city, Virginia was $41,369. By 2024 it had risen 5% to $43,431.
How strong is the job market in Covington city, Virginia?
Unemployment in Covington city, Virginia is only 2.8%, well below the Virginia rate of 4.1%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Covington city, Virginia?
The Gini coefficient in Covington city is 0.537. 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 city, Virginia?
Since 2009, the income gap between men and women in Covington city, Virginia has widened from about 25% to 46% in 2024. Over that period the gap was narrowest at 14% in 2021. In dollar terms, the gap has widened by $16,049 since 2009.
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