Cost of Living in Covington, OH

With a cost of living index of 65, Covington, OH is one of the most affordable cities in the country. Living here is 35% cheaper than the national average and 13% below the Ohio state average of 78. Covington is a small community of 2,573 residents.

Housing costs are the biggest factor in Covington's cost of living. The median monthly rent is $625 (53% below the US median of $1,319), and the median home value sits at $162,200 (47% below the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Covington is $51,157, which is 32% lower than the national median of $75,149. Residents spend roughly 15% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Covington. The area sees an average annual temperature of 53.9°F, with summers averaging 74°F and winters around 32°F. Annual rainfall totals 41.3 inches spread over roughly 134 days.

Everyday prices in the Dayton-Kettering-Beavercreek, OH (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.