Total monthly cost of ownership
Cost to Own a Home in Covington, Indiana
A $162,000 home here costs
$1,360per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $833. The real number is $528 higher every month — 63% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Covington against Fountain County and Indiana
| Measure | Covington | Fountain County |
|---|---|---|
| Median home value | $162,100 | $133,200 |
| Median property tax | $1,109 | $820 |
| Effective tax rate | 0.684% | 0.616% |
| Median gross rent | $841 | $837 |
| Population | 3,112 | 16,546 |
The weather behind that power bill
Covington sits in Fountain County, which averages a high of 83.7°F in its hottest month and a low of 15.7°F in its coldest, with 40.08" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 864 cooling and 6,020 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Fountain County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fountain County
Full Fountain County cost breakdown · Every county in Indiana
Common questions
How much does it cost to own a home in Covington?
A $162,000 home in Covington, Indiana costs approximately $1,360 per month with 20% down at 6.66%. That is $833 principal and interest, $92 property tax, $69 homeowners insurance, $231 utilities and $135 set aside for maintenance.
What is the property tax rate in Covington?
Covington has an effective property tax rate of 0.684%, based on a median home value of $162,100 and median real estate taxes of $1,109. That is higher than the Fountain County average of 0.616%.
What is the average home price in Covington?
The median owner-occupied home value in Covington, Indiana is $162,100, against $133,200 across Fountain County.
Is it cheaper to rent or buy in Covington?
Median gross rent in Covington is $841 a month, against $1,360 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Covington — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Indiana.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.