Cost of Living in Covington, IN
Population 3,112 · Indiana · Data vintage 2023
(100 = US avg)
Covington is a smaller Indiana community of around 3000 residents, where median household incomes of $54,962 and housing costs ($162,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape.
Geographically, Covington is about 65 miles west of Carmel, the nearest large metro. Median home values run roughly 64% lower than Carmel's $456,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Covington
The median home value in Covington is $162,100 — 47% below the national median of $305,000. Median rent runs $841/month, 36% lower than the national median of $1,314/month. The median household income of $54,962/year is 26% lower than the US median of $74,580. The local unemployment rate is 4.0%, below the national average of 4.8%. Indiana's top state income tax rate is 3.0% and the combined sales tax is 7.0%. Overall, Covington has a cost of living index of 57 versus the US average of 100, meaning it is 43% less expensive.
Covington has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Covington, IN?
Covington has a cost index of 57 (100 = national average). It is 43% below the national average.
What is average rent in Covington, IN?
The median gross rent in Covington is $841 per month based on 2023 Census data.
What is the average home price in Covington?
The median home value in Covington is $162,100 according to Zillow and Census data.
What is the median income in Covington?
The median household income in Covington is $54,962 per year (2023 ACS 5-year estimates).
What is the sales tax in Covington, IN?
The combined state and local sales tax rate in Covington is 7.0%. The Indiana state income tax top rate is 3.0%.
Is Covington, IN affordable?
Yes, Covington is generally considered affordable, with a cost of living index of 57 — about 43% below the US national average of 100.
Covington at a Glance
- Population
- 3,112
- Median Income
- $54,962
- Home Value
- $162,100
- Median Rent
- $841/mo
- Unemployment
- 4.0%
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
Indiana Rankings
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