Total monthly cost of ownership
Cost to Own a Home in Covington, Kentucky
A $168,000 home here costs
$1,513per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $65,000 a year.
A standard mortgage calculator would have told you $916. The real number is $597 higher every month, 65% more than the payment most buyers budget for.
Compare Kenton County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Covington against Kenton County and Kentucky
| Measure | Covington | Kenton County |
|---|---|---|
| Median home value | $167,900 | $227,500 |
| Median property tax | $1,869 | $2,284 |
| Effective tax rate | 1.113% | 1.004% |
| Median gross rent | $949 | $1,018 |
| Population | 40,902 | 169,817 |
The weather behind that power bill
Covington sits in Kenton County, which averages a high of 86.0°F in its hottest month and a low of 23.1°F in its coldest, with 45.26" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,160 cooling and 4,892 heating degree days, which is what sets the $144 electricity line above.
See the full climate breakdown for Kenton County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Kenton County
Full Kenton County cost breakdown · Every county in Kentucky
Talk to someone who works this market
These are Covington averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Covington every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Covington I already own here and may sell
Common questions
How much does it cost to own a home in Covington?
A $168,000 home in Covington, Kentucky costs approximately $1,513 per month with 20% down at 7.24%. That is $916 principal and interest, $156 property tax, $88 homeowners insurance, $212 utilities and $140 set aside for maintenance.
What is the property tax rate in Covington?
Covington has an effective property tax rate of 1.113%, based on a median home value of $167,900 and median real estate taxes of $1,869. That is higher than the Kenton County average of 1.004%.
What is the average home price in Covington?
The median owner-occupied home value in Covington, Kentucky is $167,900, against $227,500 across Kenton County.
Is it cheaper to rent or buy in Covington?
Median gross rent in Covington is $949 a month, against $1,513 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Covington?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Covington, Kentucky at today's rate takes a household income of roughly $65,000 a year. That covers the full $1,513 monthly cost, not just the mortgage payment.
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 Kentucky.
- 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.