Covington city, Virginia Housing Market
In Covington city, Virginia, the median home value is $83,500, with a median monthly rent of $794. This places Covington city at #3062 nationally out of 3134 counties by median home value, and #133 within Virginia.
📈 Price Trend (2017 → 2024)
ℹ️ FHFA HPI data is not available for this county due to limited mortgage transaction volume.
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,210
- Establishments: 249
- BLS QCEW, 2025
Housing Supply
- Single-family: 5
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 2,386 (avg $48,412)
- Outflow: 2,271 (avg $48,935)
- IRS Statistics of Income
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| Metric | Covington city | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $83,500 | $295,807 | $227,706 |
| Median Gross Rent | $794 | $1,169 | $968 |
| Owner Occupancy Rate | 70.1% | 70.8% | 73.3% |
| Price/Rent Ratio | 8.8 | 20.3 | 18.7 |
Market Analysis
The median home value in Covington city is 71.8% below the Virginia state average and 63.3% below the U.S. national average. The median rent of $794/month is 32.1% below the state average.
With a price-to-rent ratio of 8.8, buying a home in Covington city is generally more favorable than renting for those planning to stay long-term. A ratio below 15 typically signals that purchasing is financially advantageous over a multi-year horizon.
Covington city has an owner-occupancy rate of 70.1%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Rush County | Kansas | $83,600 | $711 |
| Nevada County | Arkansas | $83,300 | $869 |
| Harper County | Kansas | $83,800 | $690 |
| Gilmer County | West Virginia | $83,800 | $750 |
| Lee County | Kentucky | $83,900 | $603 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Buchanan County | $94,900 | $743 | 83.1% |
| Martinsville city | $98,400 | $808 | 55.4% |
| Lee County | $98,900 | $738 | 73.0% |
| Dickenson County | $102,700 | $738 | 76.1% |
| Norton city | $110,000 | $692 | 50.0% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).