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 Virginia, 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 78, with 100 being the average.
The cost of living index in Covington is 0.8x lower than the national average.
Covington ranks as the #1 cheapest in Virginia out of 186.
Covington ranks as the #113 cheapest out of 6,412 in the US.
The median home value in Covington is $69,800.
The median income in Covington is $41,242.
According to the most recent data on the cost of living, Covington has an overall cost of living index of 78, which is 0.8x lower than the national index of 100.
Compared to Virginia, Covington has a cost of living index that's 0.8x lower than Virginia's index of 102.
The standard of living in Covington ranks as #1 most affordable out of the 186 places we measured in Virginia. By definition, that implies Covington ranks as the #185 most expensive place in the Old Dominion.
For more reading on life in Covington, check out:
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 95.
The Groceries index in Covington is 89.
The Health index in Covington is 99.
The Housing index in Covington is 47.
The Transportation index in Covington is 93.
The Utilities index in Covington is 105.
|Living Expense||Covington||Virginia||National Average|
Housing swings affordability the most between places in Virginia, 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 $69,800.
The Median Rent in Covington is $802.
The Median Income in Covington is $41,242.
The Home Value To Income in Covington is 1.7x.
The Rent To Monthly Income in Covington is 0.23x.
|Median Home Value||$69,800||$295,500||$244,900|
|Home Value To Income||1.7x||3.7x||3.5x|
|Rent To Monthly Income||0.23x||0.2x||0.2x|
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:
Roanoke, VA has a cost of living index of 87, 1.1x Covington.
Blacksburg, VA has a cost of living index of 107, 1.4x Covington.
Salem, VA has a cost of living index of 93, 1.2x Covington.
|City||Population||Cost Of Living||Vs. Covington|
|Cave Spring, VA||25,248||98||1.3x|
|Buena Vista, VA||6,649||84||1.1x|