Covington, WA 98042 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Covington, WA—98042

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$708,000

2.2% YoY Growth

Household Income

$126,000

25.9% YoY Growth

Days on Market

37.0% Longer YoY

Home Price Forecast

-1.7%

Median Rent

$3,080

5.0% YoY Growth

1-Bed Rent

$1,650

58.7% YoY Growth

2-Bed Rent

$2,300

38.5% YoY Growth

3-Bed Rent

$3,000

2.3% YoY Growth

Home Price Trends — Covington, WA

As of May '26, the median home price in Covington, WA is $708,000, with a year-over-year change of -2.2%. This indicates that home prices in Covington, WA are decreasing. According to Zillow, the 1-year price projection is -1.7%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$708,000	-2.2%
Single Family	$714,000	-2.1%
Condos	$373,000	-0.8%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Covington, WA

As of July '25, Rentcast reports the average rent in Covington, WA is $3,010, with a year-over-year rent change of -5.0%. Per bedroom, the median rent as of July '25 in Covington, WA is 1-bedrooms: $1,730, 2-bedrooms: $2,350, 3-bedrooms: $3,080, 4-bedrooms: $3,580. The most common rental property sizes in Covington, WA are 3-bedroom and 2-bedroom, accounting for 32.3% and 28.4% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$3,080	$3,010
Studio Rent	N/A	N/A
1 Bed Rent	$1,650	$1,730
2 Bed Rent	$2,300	$2,350
3 Bed Rent	$3,000	$3,080
4 Bed Rent	$3,600	$3,580

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% of Rental Stock

Studio

2.5%

1 Bedroom

18.5%

2 Bedrooms

28.4%

3 Bedrooms

32.3%

4 Bedrooms

15.5%

5+ Bedrooms

2.8%

Property Listings — Covington, WA

As of May '26, Realtor.com reports that the median days on market for a home in Covington, WA is 43. This is a increase of 37.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$777,000	-1.0%
Listing Count	187	23.0%
Listings as % of Homes	0.5%	23.0%
Days on Market	43	37.0%

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Demographics — Covington, WA

As of the latest ACS Survey released in 2023, Covington, WA has a population of 48,600, which has increased by 1.4% over the past 5 years. Covington, WA is a moderately popular place for families, as children make up 23.8% of the population. The area has a moderately educated workforce, with 33.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.2% reporting working from home.

Metric	Latest Census	YoY % Change
Population	48,600	1.4%
% Under 18	23.8%	4.8%
% Seniors	14.0%	15.7%
% WFH	15.2%	210.2%
% w/ College Degree	33.7%	6.3%

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As of the latest ACS Survey released in 2023, Covington, WA is a predominantly white area, with 61.8% of the population identifying as white. The white population has shrunk by 10.7% in the last 5 years. The second most common race or ethnicity in Covington, WA is asian, making up 13.2% of the population. Foreign-born residents account for 18.5% of the population in Covington, WA, and this percentage has increased by 24.2% 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	61.8%	-10.7%
% Black	6.2%	29.2%
% Hispanic	11.8%	35.6%
% Asian	13.2%	13.8%
% Foreign Born	18.5%	24.2%

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Mortgage and Risk — Covington, WA

According to HUD data as of 2023, there were 858 mortgage originations in Covington, WA, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 22.0% above 90% LTV (very high). This implies large mortgage risk in Covington, WA. Investor activity is low, as 1.0% 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	858
% Conventional Loans	87.0%
% Government Loans	13.0%
% Investor Loans	1.0%
% Second Loans	0.0%
% Cash Out Refinance	9.0%

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Rentals and Section 8 — Covington, WA

As of 2024, the percent of homes in Covington, WA under the Section 8 program is 6.3%. 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. In Covington, WA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.

Section 8 Market Size

Total Units under HUD	193
Total Units Section 8	193
% Rentals under Section 8	6.3%
% Occupied Section 8	100.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$720	$1,650	$2,370
2 Bedroom	$460	$2,300	$2,760
3 Bedroom	$640	$3,000	$3,640
4 Bedroom	$640	$3,600	$4,240

Covington, WA—98042

Key Metrics at a Glance

Home Price Trends — Covington, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Covington, WA

% of Rental Stock

Property Listings — Covington, WA

Demographics — Covington, WA

Race and Ethnicity

Mortgage and Risk — Covington, WA

Mortgages

Rentals and Section 8 — Covington, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Covington, WA

Home Price to Income Ratio

Covington, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Renton, WA

Wynaco, WA

Kent, WA

Kent, WA

Auburn, WA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	5.4
Median Home Price	$708,000
Median Household Income	$126,000

Covington, WA—98042

Key Metrics at a Glance

Home Price Trends — Covington, WA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Covington, WA

% of Rental Stock

Property Listings — Covington, WA

Demographics — Covington, WA

Race and Ethnicity

Mortgage and Risk — Covington, WA

Mortgages

Rentals and Section 8 — Covington, WA

Section 8 Market Size

Section 8 Opportunity

Affordability — Covington, WA

Home Price to Income Ratio

Covington, WA — ZIP Code Boundary Map

Nearby ZIP Codes

Renton, WA

Wynaco, WA

Kent, WA

Kent, WA

Auburn, WA

Frequently Asked Questions

What is the average home price in Covington, WA 98042?

How have home prices in Covington, WA 98042 changed over the past year?

What is the home price projection for Covington, WA 98042?

What are the demographics of Covington, WA 98042?

How long does it take homes to sell in Covington, WA 98042?

What is the average rent price in Covington, WA 98042?