1st Advantage MortgageThe median Covington city household earns $41,944, and 26% of residents live below the poverty line. Your income, debts and credit decide what you qualify for. Get offers in writing, compare the total repaid, and never pay a fee up front.
On this page
- Covington city at a glance
- The Covington city job picture
- What Covington city households earn
- Renting and owning in Covington city
- Places inside Covington city
- Counties near Covington city
- A Covington city household budget, worked through
- Before borrowing in Covington city
- Who lives in Covington city, in numbers
- A Covington city borrower's checklist
- Virginia rules that apply in Covington city
- More guides for Covington city
- Frequently asked questions
Covington city at a glance
With an estimated 5,680 residents (ACS 2020 to 2024), Covington city ranks 128th of 133 in Virginia for population. Packed into 5 square miles, that is close to 1,039 residents for every square mile of land. No metropolitan area includes Covington city in the 2023 federal delineation, so its numbers stand on their own rather than as part of a metro. Of the 1 Census place inside Covington city, Covington leads by population with about 5,680. Because Covington city is small, the survey's margins of error are wide; treat the numbers as approximate.
The Covington city job picture
By the Census industry count, 23% of employed Covington city residents work in education and health care and 15% in retail trade. Manufacturing stands out: 13% of workers here, versus 7% statewide. ACS puts five-year average unemployment at 2.8% in Covington city. Long commutes are the exception here: 8% of workers spend 45 minutes or longer getting to work.
| Sector | Covington city | Compared with Virginia |
|---|---|---|
| Education and health care | 22.6% | +0.3 pts |
| Retail trade | 15.0% | +5.2 pts |
| Arts, lodging and food service | 12.9% | +5.0 pts |
| Manufacturing | 12.5% | +5.5 pts |
| Transportation, warehousing and utilities | 9.4% | +4.6 pts |
| Other services | 8.9% | +3.7 pts |
A lender verifies what your own job pays. The county's industry mix tells you about the local economy, not about your application.
What Covington city households earn
The median household income in Covington city is $41,944; statewide it is $93,170, so Covington city runs 55% below Virginia as a whole. In the state ranking that is 130th of 133.
| Household income | Covington city | vs Virginia |
|---|---|---|
| Under $35,000 | 43.2% | +25.3 pts |
| $35,000 to $99,999 | 43.2% | +8.0 pts |
| $100,000 to $199,999 | 13.6% | -15.6 pts |
| $200,000 or more | 0.0% | -17.7 pts |
About 43% of households earn under $35,000, while 14% clear $100,000. Census counts 25.7% of Covington city residents in poverty, against 9.9% across Virginia. Income from any regular source can count, including Social Security, pensions and disability benefits, as long as you can document it.
Renting and owning in Covington city
Renters in Covington city pay a median of $794 a month, 50% below the Virginia figure of $1,579. By the Census definition, 47% of Covington city renters are cost-burdened. Home values center on $83,500, or 2.0 years of median income. 70% of Covington city households own their home and 30% rent. The median home was built in 1951, so roofs, wiring and heating systems are a common source of repair bills.
| Home costs | Covington city | Virginia | U.S. middle county |
|---|---|---|---|
| Median gross rent | $794/mo | $1,579/mo | $877/mo |
| Median home value | $83,500 | $383,700 | $185,300 |
| Owners | 70% | 67% | 75% |
| Rent-burdened renters | 47% | 49% | 45% |
| Burdened owners | 19% | 25% | n/a |
Places inside Covington city
Just one Census place, Covington, lies mainly within Covington city; it holds about 5,680 people. None of the 1 has its own city guide, so this page covers all of them.
| Place in county | Status | Population (ACS) | Median HH income | Monthly rent | Distance from center |
|---|---|---|---|---|---|
| Covington | city | 5,680 | $41,944 | $794 | 0 mi |
Counties near Covington city
The six counties whose centers lie closest to Covington city's, from 1 to 29 miles away. All of the six report a higher median household income than Covington city; Botetourt County is highest at $81,213 and Greenbrier County lowest at $48,218. The list crosses into West Virginia, where different lending rules and regulators apply.
| Adjacent area | How far | HH income (median) | Rent (median) | Owner share |
|---|---|---|---|---|
| Covington city | - | $41,944 | $794/mo | 70% |
| Alleghany County, VA | 1 mi | $56,188 | $765/mo | 82% |
| Botetourt County, VA | 18 mi | $81,213 | $1,035/mo | 86% |
| Bath County, VA | 24 mi | $56,184 | $736/mo | 71% |
| Craig County, VA | 25 mi | $69,057 | $713/mo | 84% |
| Greenbrier County, WV | 27 mi | $48,218 | $868/mo | 73% |
| Rockbridge County, VA | 29 mi | $65,469 | $925/mo | 79% |
A Covington city household budget, worked through
Here is the Covington city median household run through a simple DTI check. Your numbers will differ.
- $41,944 a year is $3,495 of gross monthly income
- Housing at the median rent of $794 uses 23%
- At 36%, room after rent is $464 a month
- With a 43% ceiling, about $709 remains for car, card, student and any new loan payments
Lenders set their own limits and look beyond the ratio. The DTI calculator uses your figures instead of Covington city's.
Before borrowing in Covington city
Based on the Covington city data above, these borrowing questions are most likely to matter locally.
- Free help first. 26% of residents live below the poverty line; utility, rent and food programs cost nothing to repay (free options).
- Rent squeeze. 47% of renters spend 30%+ of income on rent; borrow only if the loan cuts what you pay overall.
- Advance-fee offers. No legitimate lender asks a Covington city borrower to pay first (scam signs).
Who lives in Covington city, in numbers
Degree holders: 9% of adults over 25. The uninsured rate is 7.0%, against 6.9% for Virginia.
| Indicator | Covington city | All of Virginia | U.S. county median |
|---|---|---|---|
| Median age | 38.0 | 39.0 | 41.5 |
| Bachelor's or higher | 9.5% | 42.2% | 22.2% |
| No high school diploma | 13.6% | 8.4% | n/a |
| No health insurance | 7.0% | 6.9% | 7.8% |
| No vehicle | 6.0% | 6.1% | 5.4% |
| Work from home | 7.3% | 18.3% | 8.7% |
| Poverty rate | 25.7% | 9.9% | 13.2% |
| Unemployment (ACS) | 2.8% | 4.3% | 4.4% |
| Commute length | Covington city |
|---|---|
| Under 15 min | 61.2% |
| 15 to 29 min | 24.6% |
| 30 to 44 min | 6.6% |
| 45 to 59 min | 0.3% |
| 60+ min | 7.3% |
A Covington city borrower's checklist
Four checks before you sign anything:
- Borrow the amount the job needs; extra cash adds interest.
- Prequalify with soft pulls where offered, then compare in writing.
- Look the lender up with the state regulator first.
- Pick the shortest term whose payment still fits.
Virginia rules that apply in Covington city
Covington city borrowers fall under statewide rules, enforced by the Virginia Bureau of Financial Institutions. Problems with a lender can also go to the CFPB. Statewide data and rules: Virginia guide.
More guides for Covington city
For statewide rules and data, see the Virginia guide.
Frequently asked questions
What does a typical Covington city household make?
About $41,944 a year at the median (ACS 2020-24), 55% below the Virginia median.
How much is rent in Covington city?
Median gross rent, utilities included, is $794 a month; 47% of renters spend 30% or more of income on it.
I own my home in Covington city. Personal loan or HELOC?
A HELOC uses the house as collateral; a personal loan usually does not. With 70% of homes owner-occupied here, many readers can compare both in writing.
Does this page cover Covington?
Yes, along with the other 0 Census places in Covington city.
Is the fit check different in Covington city?
No. It is identical everywhere, and it never looks at your neighborhood.