Covington, KY—41014
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 $175,000, with a year-over-year change of 3.2%. This indicates that home prices in Covington, KY are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $175,000 | 3.2% |
| Single Family | $175,000 | 2.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $118,000 | 2.6% |
2 Bed | $165,000 | 3.1% |
3 Bed | $213,000 | 3.4% |
4 Bed | $249,000 | 2.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Covington, KY
As of July '25, Rentcast reports the average rent in Covington, KY is $1,310, with a year-over-year rent change of 17.0%. Per bedroom, the median rent as of July '25 in Covington, KY is studios: $945, 1-bedrooms: $938, 2-bedrooms: $1,260, 3-bedrooms: $1,810. The most common rental property sizes in Covington, KY are 1-bedroom and 3-bedroom, accounting for 37.7% and 31.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,310 |
| Studio Rent | $945 | $945 |
| 1 Bed Rent | $925 | $938 |
| 2 Bed Rent | $1,250 | $1,260 |
| 3 Bed Rent | $1,700 | $1,810 |
| 4 Bed Rent | N/A | N/A |
% 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 40. This is a decrease of -10.0% 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 41.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $201,000 | -7.0% |
Listing Count | 29 | 31.0% |
| Listings as % of Homes | 0.8% | 31.0% |
Days on Market | 40 | -10.0% |
Demographics — Covington, KY
As of the latest ACS Survey released in 2023, Covington, KY has a population of 7,120, which has remained stable by 0.2% over the past 5 years. Covington, KY is a moderately popular place for families, as children make up 24.0% of the population. The area has a moderately educated workforce, with 28.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,120 | 0.2% |
% Under 18 | 24.0% | 6.2% |
% Seniors | 14.2% | 27.9% |
% WFH | 13.6% | 466.7% |
% w/ College Degree | 28.4% | 20.9% |
As of the latest ACS Survey released in 2023, Covington, KY is a predominantly white area, with 71.4% of the population identifying as white. The white population has shrunk by 7.3% in the last 5 years. The second most common race or ethnicity in Covington, KY is hispanic, making up 9.6% of the population. Foreign-born residents account for 6.5% of the population in Covington, KY, and this percentage has increased by 116.7% 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 | 71.4% | -7.3% |
% Black | 8.1% | -39.1% |
% Hispanic | 9.6% | 81.1% |
% Asian | 1.5% | ∞% |
% Foreign Born | 6.5% | 116.7% |
Mortgage and Risk — Covington, KY
According to HUD data as of 2023, there were 164 mortgage originations in Covington, KY, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 46.0% above 90% LTV (very high). This implies large mortgage risk in Covington, KY. Investor activity is low, as 9.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 164 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 9.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Covington, KY
Covington, KY lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 199 |
Total Units Section 8 | 157 |
% Rentals under Section 8 | 10.4% |
% Occupied Section 8 | 85.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$55 | $925 | $870 |
| 2 Bedroom | -$120 | $1,250 | $1,130 |
| 3 Bedroom | -$200 | $1,700 | $1,500 |
| 4 Bedroom | N/A | N/A | $1,660 |
Affordability — Covington, KY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $175,000 |
| Median Household Income | $56,100 |