Cost of Living in Covington, TN
Population 8,612 · Tennessee · Data vintage 2023
(100 = US avg)
Household incomes in Covington run well below national norms — a median of $43,512 versus the $74,580 US figure. Housing costs partially offset that gap (typical home values around $164,000). At 6.5%, the local unemployment rate runs well above the US figure, pointing to structural rather than cyclical labor-market issues.
Geographically, Covington is about 35 miles northeast of Memphis, the nearest large metro. Housing prices track closely with Memphis' $157,000 median.
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 $163,900 — 46% below the national median of $305,000. Median rent runs $910/month, 31% lower than the national median of $1,314/month. The median household income of $43,512/year is 42% lower than the US median of $74,580. The local unemployment rate is 6.5%, above the national average of 4.8%. Tennessee charges no state income tax, a meaningful advantage for take-home pay. The climate averages highs of 71.0°F and lows of 51.2°F. Overall, Covington has a cost of living index of 60 versus the US average of 100, meaning it is 40% 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
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 48 | 52 | 61 | 72 | 81 | 89 | 91 | 90 | 84 | 74 | 61 | 50 |
| Low °F | 31 | 34 | 41 | 51 | 61 | 69 | 72 | 69 | 61 | 50 | 41 | 34 |
| Precip" | 3.22 | 3.26 | 4.39 | 4.88 | 4.85 | 3.25 | 3.04 | 2.70 | 2.40 | 3.04 | 3.83 | 4.17 |
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Covington, TN?
Covington has a cost index of 60 (100 = national average). It is 40% below the national average.
What is average rent in Covington, TN?
The median gross rent in Covington is $910 per month based on 2023 Census data.
What is the average home price in Covington?
The median home value in Covington is $163,900 according to Zillow and Census data.
What is the median income in Covington?
The median household income in Covington is $43,512 per year (2023 ACS 5-year estimates).
What is the sales tax in Covington, TN?
The combined state and local sales tax rate in Covington is 9.6%. Tennessee has no state income tax.
Is Covington, TN affordable?
Yes, Covington is generally considered affordable, with a cost of living index of 60 — about 40% below the US national average of 100.
What is the weather like in Covington?
Covington has average high temperatures of 71.0°F and average lows of 51.2°F. Annual precipitation is 43". Data from NOAA 1991–2020 Climate Normals.
Covington at a Glance
- Population
- 8,612
- Median Income
- $43,512
- Home Value
- $163,900
- Median Rent
- $910/mo
- Unemployment
- 6.5%
- Avg High Temp
- 71.0°F
- Sales Tax
- 9.6%
Explore county-level cost of living data
Tennessee Rankings
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