Covington is considered moderately affordable in 2025, with average rent for a 2-bedroom apartment around $1,450 and utilities generally in line with national averages.
Housing Costs in Covington
Housing options in Covington range from historic homes near the Ohio River to newer developments further south. Typical rent for a 2-bedroom apartment falls between $1,300-$1,600 per month, with the citywide average around $1,450 as of 2025. Buying a 3-bedroom single-family home will generally cost between $280,000-$450,000 depending on the neighborhood, age, and condition of the property.
Some of the more affordable areas to rent or buy include Latonia, South Covington, and Austinburg, while pricier options are found in Licking Riverside, Mainstrasse Village, and parts of Wallace Woods. HOA fees are fairly common for newer construction and condo buildings, typically adding $200-$400 to monthly housing costs.
For a clearer comparison, here’s a quick overview of median home prices and rents in a few Covington neighborhoods:
| Neighborhood | Median Home Price | Median 2-BR Rent |
|---|---|---|
| Licking Riverside | $425,000 | $1,550 |
| Mainstrasse Village | $375,000 | $1,450 |
| Latonia | $290,000 | $1,300 |
| South Covington | $315,000 | $1,350 |
Utilities and Energy Bills
Basic utility costs in Covington, including electricity, natural gas, water, and trash, typically run around $180-$250 per month for a 2-bedroom apartment. Expect to pay on the higher end of that range during cold winter months and hot summer stretches due to increased heating and cooling needs.
Here’s a typical monthly utility cost breakdown for a 2-person Covington household:
- Electricity: $90-$120
- Natural gas: $40-$60
- Water/sewer: $30-$50
- Trash: $20-$30
Internet and cable packages start around $50/month for basic service and can exceed $150/month for premium plans with high speeds and expansive channel lineups.
Groceries and Daily Expenses
Grocery costs in Covington are fairly typical for a midsize city, with the average single adult spending around $300-$400 per month on food to cook at home. A couple’s monthly grocery bill will usually fall between $500-$700. Dining out prices vary widely, but a basic meal at a casual restaurant averages $12-$18 per person, while a nicer dinner for two might run $60-$100 including drinks and tip.
To give a sense of everyday prices, here’s what you can expect to pay for some common grocery items in Covington as of 2025:
- Gallon of milk: $3.50
- Loaf of bread: $2.75
- Carton of eggs: $2.25
- Pound of chicken: $4.50
Taxes and Hidden Fees
Covington’s property tax rate is $1.0632 per $100 of assessed value as of 2025. For a $350,000 home, that translates to an annual property tax bill around $3,720. Kentucky’s statewide sales tax is 6%, and there are no additional local sales taxes in Covington.
Vehicle owners must pay yearly registration fees, which vary based on the type and age of the car or truck. A new passenger vehicle will cost around $21 to register in Kenton County. Depending on your neighborhood and housing setup, you may also owe monthly HOA or condo fees, which commonly range from $200 up to $500 for luxury buildings with extensive amenities.
Monthly Cost of Living Breakdown
To sum it all up, here’s a sample monthly budget for common household types in Covington, based on 2025 prices:
| Expense | Single Adult | Couple | Family of 4 |
|---|---|---|---|
| Housing (rent or mortgage) | $1,100 | $1,450 | $1,800 |
| Utilities | $150 | $200 | $300 |
| Groceries | $350 | $600 | $1,000 |
| Transportation | $200 | $300 | $400 |
| Healthcare | $250 | $500 | $800 |
| Other necessities | $250 | $400 | $600 |
| Monthly Total | $2,300 | $3,450 | $4,900 |
Keep in mind these are general estimates. Your specific cost of living will depend on your neighborhood, housing and vehicle choices, and lifestyle. To live comfortably, a single adult in Covington should aim for a gross monthly income (pre-tax) of at least $2,800, while a couple will want to earn around $4,200/month and a family of four will need roughly $6,000/month.
Lifestyle Considerations
Covington offers a mix of urban amenities and small-town charm, all within a quick drive or bus ride to downtown Cincinnati. Residents enjoy the walkable riverfront, locally owned shops and restaurants along Main Street and Madison Avenue, and over 30 parks and green spaces. Devou Park is a particular gem, with stellar city skyline views, hiking trails, and a popular disc golf course.
Commute times are reasonable for those working in Covington or Cincinnati, with most trips clocking in under 30 minutes. Public transit options include TANK buses and the Cincinnati Bell Connector streetcar. Parking is ample and traffic is manageable compared to larger metros.
In terms of housing, Covington offers both historic homes with character and newer low-maintenance options. Cheaper properties can be found in Latonia and South Covington, while the priciest real estate lines the Ohio River in Licking Riverside and the Mainstrasse Village entertainment district. Austinburg and Wallace Woods offer a nice middle ground for those who want to balance affordability, commute times, and neighborhood amenities.
Frequently Asked Questions
What salary do you need to live in Covington, KY?
To live comfortably, a single adult should aim to earn at least $2,800/month before taxes, while a couple will want a combined gross income around $4,200/month. Families with children will need higher incomes to cover additional costs like childcare, sports, and college savings.
Is Covington cheaper than Cincinnati?
Yes, the cost of living in Covington is generally 5-10% lower than in Cincinnati proper. Housing costs in particular tend to be more affordable, though still above the national average.
What are the top 3 costs that surprise newcomers to Covington?
- High property taxes, especially for more expensive homes
- Sizable HOA or condo fees in some newer developments
- Pricey historic home maintenance and renovation costs
How do Covington living costs compare to other Northern Kentucky cities?
Covington is pricier than more suburban areas like Independence or Erlanger but offers closer proximity to downtown Cincinnati. Newport and Bellevue have similar costs and amenities to Covington.
What’s the cheapest way to move to Covington?
Renting a moving truck and enlisting friends and family to help load and unload is often the lowest-cost option. If you need professional movers for a less stressful experience, get quotes from at least 3-4 companies. We’ve rounded up some of the best moving companies to help you get started.
Are there any income-restricted or affordable housing options in Covington?
Yes, the Housing Authority of Covington operates several affordable apartment communities for low and moderate-income households. Income limits and rent prices vary by property and family size. There are also a number of rent-subsidized Section 8 properties throughout the city.