Covington, KY
Population 40,902 · Kentucky
About Covington, KY
Covington is a mid-sized city located in Kentucky with a population of 40,902 residents according to the latest US Census Bureau American Community Survey data. The median household income is $58,814 per year, which is 22% below the national median of $75,149. The median age of 37.6 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Covington features a median home value of $167,900, which is 31% below the national median of $244,900. This positions Covington in a moderately priced market relative to the rest of the country. Median monthly rent is $949, 18% below the national average of $1,163/month. Of the 20,946 total housing units, 51% are owner-occupied (9,418 units) and 49% are renter-occupied (8,875 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Covington shows an unemployment rate of 4.6%, which is near the national rate of 3.7%. The poverty rate stands at 21.8%, above the national average of 12.4%. Workers in Covington have an average one-way commute time of 22.5 minutes.
Education & Demographics
32.0% of Covington residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 2.0% White, 0.9% Hispanic or Latino, 0.5% Black or African American, and 6.3% Asian residents, with 5.4% of the population being foreign-born.
How Covington Ranks in Kentucky
Cost of Living in Covington, KY
Compared to national averages, Covington has a median household income of $58,814 (22% below the national median of $75,149). Home values average $167,900, which is 31% below the national median. Monthly rent at $949 is 18% below the US average of $1,163. Within Kentucky, Covington's income is 11% below the state average of $66,273, and home values are 8% below the state median of $182,504.
Why Live in Covington, KY?
Covington offers affordable housing with a median home value of $167,900, below the US average of $244,900, and rent that’s lower than the national average at $949/month, and short commute times averaging just 22.5 minutes.
Potential considerations include median household income ($58,814) that falls below the national average. However, Covington’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Covington has a population of 40,902 with a median age of 37.6 years. Compare Covington with other cities to see how it stacks up, or explore all cities in Kentucky.
Similar Cities Near Covington
Cities in Kentucky with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Georgetown | 38,206 | $78,373 | $244,200 | Compare |
| Richmond | 35,498 | $48,223 | $205,900 | Compare |
| Florence | 32,334 | $68,508 | $196,200 | Compare |
| Elizabethtown | 31,870 | $56,250 | $223,200 | Compare |
| Nicholasville | 31,625 | $67,514 | $210,700 | Compare |
| Hopkinsville | 31,011 | $47,428 | $140,200 | Compare |
| Independence | 29,024 | $98,653 | $240,500 | Compare |
| Jeffersontown | 28,988 | $78,185 | $236,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Kentucky
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Covington With Other Cities
Frequently Asked Questions about Covington
What is the population of Covington, KY?
The population of Covington, KY is 40,902 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Kentucky.
What is the median household income in Covington?
The median household income in Covington, KY is $58,814 per year, which is 22% below the national median of $75,149.
What is the median home value in Covington?
The median home value in Covington, KY is $167,900, which is 31% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Covington?
The median monthly rent in Covington, KY is $949, which is 18% below the national average of $1,163/month.
What is the unemployment rate in Covington?
The unemployment rate in Covington, KY is 4.6%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Covington, KY a good place to live?
Covington offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 40,902 and a median age of 37.6, the city appeals to a broad range of residents.
How educated is Covington, KY?
32.0% of residents in Covington aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Covington?
Key cost-of-living indicators for Covington, KY: median home value is $167,900 (31% below national), median rent is $949/month, and median household income is $58,814. The home-value-to-income ratio is 2.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Covington?
The poverty rate in Covington, KY is 21.8%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Covington, KY?
Covington's population is 2.0% White, 0.9% Hispanic or Latino, 0.5% Black or African American, 6.3% Asian, and 9.4% two or more races. 5.4% of residents are foreign-born.