Cost of Living in Covington, KY
Updated November 2026 · Kenton County · Cincinnati, OH-KY-IN metro area · population 41,110
Prices in Covington are 7.2% below the US average (local index 92.8; the BEA index for the Cincinnati, OH-KY-IN metro area is 95.4), with local housing the biggest saving at 75.3; a single adult's modelled budget is about $2,290 a month and the median rent is $1,006.
Prices by category
CostLiving local estimate. 100 = US average; 110 means prices are 10% higher. Housing reflects Covington's own median rent compared with the area's average rent; goods, utilities and other services are BEA's official price parities for the Cincinnati, OH-KY-IN metro area, unchanged.
Covington price index by category, US average = 100: All items 92.8, Housing (rents) 75.3, Goods 93.8, Utilities 91.0, Other services 99.0
It is the 3rd most expensive of the 6 Kentucky cities in our data. Cheaper than 82% of the cities we cover.
| BEA index | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| All items | 94.9 | 93.9 | 94.2 | 93.6 | 94.2 | 95.4 |
Monthly budget by household type
1 adult · 1-bedroom · modelled estimate for Covington, KY
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $677 | $8,124 | 30% |
| Utilities | $249 | $2,988 | 11% |
| Food at home | $264 | $3,168 | 12% |
| Transportation | $593 | $7,116 | 26% |
| Health care | $348 | $4,176 | 15% |
| Clothing, personal care & supplies | $159 | $1,908 | 7% |
| Total | $2,290 | $27,480 | 100% |
2 adults · 2-bedroom · modelled estimate for Covington, KY
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $944 | $11,328 | 24% |
| Utilities | $395 | $4,740 | 10% |
| Food at home | $488 | $5,856 | 12% |
| Transportation | $1,172 | $14,064 | 30% |
| Health care | $645 | $7,740 | 16% |
| Clothing, personal care & supplies | $314 | $3,768 | 8% |
| Total | $3,958 | $47,496 | 100% |
2 adults + 2 children · 3-bedroom · modelled estimate for Covington, KY
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $1,009 | $12,108 | 21% |
| Utilities | $481 | $5,772 | 10% |
| Food at home | $696 | $8,352 | 15% |
| Transportation | $1,561 | $18,732 | 33% |
| Health care | $601 | $7,212 | 13% |
| Clothing, personal care & supplies | $404 | $4,848 | 9% |
| Total | $4,752 | $57,024 | 100% |
Modelled estimate of basic costs, excluding taxes, child care and savings. Housing is rent excluding tenant-paid utilities (counted under utilities). See how the budget is calculated.
Housing costs in Covington
Rent by number of bedrooms
| Size | Median rent |
|---|---|
| Studio | $814 |
| 1 bedroom | $832 |
| 2 bedrooms | $1,160 |
| 3 bedrooms | $1,239 |
| 4 bedrooms | $1,419 |
Median rent: Census ACS 2020-2024 median gross rent by bedrooms (rent plus tenant-paid utilities, all renters).
Rent, home values and affordability
| Measure | Value |
|---|---|
| Median gross rent | $1,006 |
| Median contract rent (excl. utilities) | $819 |
| Median home value | $187,300 |
| Owner costs with a mortgage | $1,404/mo |
| Median household income | $61,166 |
| Rent as % of renter income Moderate | 29.6% |
| Home value ÷ household income Affordable | 3.1× |
Census ACS 5-year 2020-2024.
Electricity and gas prices
Residential electricity in Kentucky
13.80¢ per kWh, August 2026
12-month change: +5.3% (from 13.10¢) · US 18.16¢
Average household uses 1,102 kWh a month in Kentucky ≈ $154/month. Source: EIA-861M (statewide average).
Regular gasoline regional figure: Midwest (PADD 2)
$4.10 per gallon, week of 2026-11-02
12-month change: +45.0% (from $2.83) · US $4.15
EIA weekly retail price survey; Kentucky is covered by the Midwest (PADD 2) average.
Inflation in the South
Consumer prices in the South Census region rose +3.4% in the 12 months to September 2026 (US +3.7%). Nationally, food at home changed +1.8%, shelter +3.2% and energy +20.4%. Source: BLS CPI-U, not seasonally adjusted. CPI is published for regions and large metro areas, so the regional figure is shown.
Salary equivalent
Because prices in Covington are 7.2% below the US average, $60,000 here has the buying power of about $64,600 in an average-priced US area.
Formula: US-equivalent = salary × 100 ÷ 92.8. Based on the local cost index (CostLiving estimate from BEA RPP and Census rents); taxes not included.
Nearby cities
| City | Distance | Index | Budget (single) | Median rent |
|---|---|---|---|---|
| Cincinnati, OH | 7 mi | 92.8 | $2,355 | $1,001 |
| Hamilton, OH | 25 mi | 92.9 | $2,237 | $1,007 |
| Middletown, OH | 33 mi | 92.9 | $2,269 | $1,007 |
| Kettering, OH | 50 mi | 92.3 | $2,348 | $1,051 |
| Dayton, OH | 55 mi | 90.6 | $2,150 | $918 |
| Lexington, KY | 69 mi | 93.2 | $2,402 | $1,164 |
Cities with a similar cost of living
| City | Index | Budget (single) | Median rent |
|---|---|---|---|
| Hamilton, OH | 92.9 | $2,237 | $1,007 |
| Middletown, OH | 92.9 | $2,269 | $1,007 |
| Bellevue, NE | 92.8 | $2,449 | $1,226 |
| Olathe, KS | 92.9 | $2,556 | $1,314 |
| Chattanooga, TN | 92.8 | $2,571 | $1,256 |
| Waco, TX | 92.8 | $2,363 | $1,165 |
Compare Covington with another city
Frequently asked questions
Is Covington, KY an expensive place to live?
Covington has a local cost of living index of 92.8, which is 7.2% below the US average. This CostLiving estimate starts from the BEA Regional Price Parities 2024 for the Cincinnati, OH-KY-IN metro area (95.4) and adjusts housing to Covington's own rents. It is 2.7 points above the Kentucky average. It is the 3rd most expensive of the 6 Kentucky cities in our data. Cheaper than 82% of the cities we cover.
How much money do you need to live in Covington?
Our modelled estimate of basic monthly costs is $2,290 for a single adult, $3,958 for a couple and $4,752 for a family of four, before taxes, child care and savings. A $60,000 salary in an average-priced US area buys about the same as $55,700 in Covington.
What is the average rent in Covington?
The median gross rent (rent plus tenant-paid utilities) is $1,006 a month (Census ACS 2020-2024). By size: 1 bedroom $832, 2 bedrooms $1,160, 3 bedrooms $1,239. The typical renter spends 29.6% of household income on rent (moderate).
How much does a house cost in Covington?
The median owner-estimated home value is $187,300, 3.1 times the median household income of $61,166 (affordable). Owners with a mortgage pay a median $1,404 a month in housing costs.
How much is electricity and gas in Covington?
Kentucky residential electricity averaged 13.80¢ per kWh in August 2026 (US 18.16¢). Regular gasoline was $4.10 a gallon (Midwest (PADD 2) average, week of 2026-11-02).
Sources and notes
- Local cost index: CostLiving estimate from BEA Regional Price Parities 2024 for the Cincinnati, OH-KY-IN metropolitan statistical area (BEA index 95.4) with housing from Census ACS median rent (city figure); see the methodology.
- Rents, home values, income, population: U.S. Census Bureau ACS 5-year 2020-2024, Census place 2117848 (Covington city).
- Electricity: EIA-861M, Kentucky residential average, August 2026.
- Gasoline: EIA weekly retail regular gasoline, Midwest (PADD 2), week of 2026-11-02.
- Inflation: BLS CPI-U South region, September 2026.
- Budget baselines: BLS Consumer Expenditure Survey 2025; electricity use by household size: EIA RECS 2020.
- Gasoline price: regional figure (EIA publishes weekly prices for only 9 states).
Labels such as “county figure” or “state nonmetro figure” mark values that come from a larger area because the city-level figure is unavailable or unreliable. The monthly budget is a modelled estimate, not observed spending, and excludes taxes. This page is for general information and is not financial advice. Methodology · All sources