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These days, finding an affordable place to live in the Covington area can be challenging. Home prices in Covington are now at a median cost of $143,036, lower than the Michigan average of $250,415.
The average cost of rent is $550/mo in Covington, primarily driven by the current value of real estate in the Covington area. In Covington, 4.19% of households rent, and 56.44% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Covington is $4,571 per month. Households that rent pay about 12.03% of their income on rent here. Covington’s most expensive areas are in the southwestern regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Watton, MI: equally priced homes
- Sidnaw, MI: less expensive homes
- Herman, MI: higher priced homes
- Three Lakes, MI: higher priced homes
- L'Anse, MI: equally priced homes
- Baraga, MI: equally priced homes
- Kenton, MI: less expensive homes
- Zeba, MI: higher priced homes
- Michigamme, MI: higher priced homes
- White, MI: less expensive homes
Cities with Similar Populations
- Tiller Crossroads, AL: higher priced homes
- Craycraft, KY: less expensive homes
- Crestview, SC: higher priced homes
- Crumpler, WV: less expensive homes
- Cuchillo, NM: higher priced homes
- Cyrene, MO: higher priced homes
- Diana, WV: less expensive homes
- Sugarfork, NC: higher priced homes
- Tampa, KS: less expensive homes
- Tangier, IN: higher priced homes
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