Covington, KY—41011
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Covington, KY
Home Price Trends — Covington, KY
As of Oct '25, the median home price in Covington, KY is $275,000, with a year-over-year change of 4.1%. This indicates that home prices in Covington, KY are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $275,000 | 4.1% |
| Single Family | $275,000 | 3.8% |
| Condos | $274,000 | 5.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $162,000 | -0.6% |
2 Bed | $241,000 | 3.4% |
3 Bed | $310,000 | 4.4% |
4 Bed | $404,000 | 3.9% |
| 5 Bed | $580,000 | 3.8% |
% of Housing Stock
Rental Trends — Covington, KY
As of July '25, Rentcast reports the average rent in Covington, KY is $1,360, with a year-over-year rent change of -9.3%. Per bedroom, the median rent as of July '25 in Covington, KY is studios: $1,270, 1-bedrooms: $1,130, 2-bedrooms: $1,360, 3-bedrooms: $2,150, 4-bedrooms: $2,080. The most common rental property sizes in Covington, KY are 2-bedroom and 1-bedroom, accounting for 39.0% and 38.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,360 |
| Studio Rent | $1,250 | $1,270 |
| 1 Bed Rent | $1,080 | $1,130 |
| 2 Bed Rent | $1,250 | $1,360 |
| 3 Bed Rent | $2,000 | $2,150 |
| 4 Bed Rent | $1,700 | $2,080 |
% of Rental Stock
Property Listings — Covington, KY
As of Oct '25, Realtor.com reports that the median days on market for a home in Covington, KY is 42. This is a decrease of -24.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $335,000 | -13.0% |
Listing Count | 113 | 30.0% |
| Listings as % of Homes | 0.5% | 30.0% |
Days on Market | 42 | -24.0% |
Demographics — Covington, KY
As of the latest ACS Survey released in 2023, Covington, KY has a population of 27,600, which has increased by 6.5% over the past 5 years. Covington, KY is a moderately popular place for families, as children make up 20.1% of the population. The area has a moderately educated workforce, with 43.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,600 | 6.5% |
% Under 18 | 20.1% | -2.9% |
% Seniors | 16.4% | 16.3% |
% WFH | 14.6% | 204.2% |
% w/ College Degree | 43.7% | 27.0% |
As of the latest ACS Survey released in 2023, Covington, KY is a predominantly white area, with 72.0% of the population identifying as white. The white population has shrunk by 5.6% in the last 5 years. The second most common race or ethnicity in Covington, KY is hispanic, making up 11.7% of the population. Foreign-born residents account for 6.9% of the population in Covington, KY, and this percentage has increased by 35.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 72.0% | -5.6% |
% Black | 10.3% | -19.5% |
% Hispanic | 11.7% | 91.8% |
% Asian | 1.5% | 15.4% |
% Foreign Born | 6.9% | 35.3% |
Mortgage and Risk — Covington, KY
According to HUD data as of 2023, there were 416 mortgage originations in Covington, KY, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Covington, KY. Investor activity is low, as 4.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 416 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Covington, KY
As of 2024, the percent of homes in Covington, KY under the Section 8 program is 13.3%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Covington, KY, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,154 |
Total Units Section 8 | 901 |
% Rentals under Section 8 | 13.3% |
% Occupied Section 8 | 88.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$100 | $1,080 | $980 |
| 2 Bedroom | $20 | $1,250 | $1,270 |
| 3 Bedroom | -$320 | $2,000 | $1,680 |
| 4 Bedroom | $160 | $1,700 | $1,860 |
Affordability — Covington, KY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $275,000 |
| Median Household Income | $67,100 |