Covington cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexCovingtonVirginiaNational
Cost of living index82108100
IndexCovingtonVirginiaNational
Goods & Services index97100100
Groceries index9094100
Health care index9299100
Housing index46133100
Transportation index9993100
Utilities index107100100
The above illustration supplies generalized information for the Covington, VA cost of living index. Compared to other cities in Virginia and cities across the country, the cost of living index in Covington, VA is 82, which is 25% lower than the Virginia average and 18% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Covington, VA are 3% lower than the average for Virginia and 4% lower than the rest of the country.

Did you know?

  • The cost of living in Covington is 25% lower than the Virginia average.
  • The cost of living in Covington is 18% lower than the national average.
  • The cost of housing in Covington is 54% lower than the national average.
  • Virginia general sales tax is 4% higher than the national average.
  • Virginia state income tax is 10% lower than the national average.

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Compare Covington, VA Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Covington, VA to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Covington, VA, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Covington, VA salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$45,248$3,771$1,056$1,358
Renters$27,824$2,319$649$835
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Covington, VA, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Covington, VA homeowners have a median income of $45,248. Using that number, you will come up with a maximum of $1,056 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $27,824, which means there is a maximum of $649 to be spent on the costs of renting a home or apartment.

Virginia Sales Tax

StateGeneral Sales TaxWith Max Surtax
Virginia5.3%6%

Virginia Income Tax

StateIncome Tax (Low)Income Tax (High)
Virginia2%5.75%
The Virginia sales tax and Virginia income tax rates should definitely be considered when determining the overall cost of living in Covington, VA. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Virginia sales tax is 5.3% and the maximum surtax is 6%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Virginia income tax rates range from 2% to 5.75%.

Goods & Services

ItemCovingtonNational avg.Difference
Haircut $15.75$14.597.9%
Beauty Salon $37.00$34.686.7%
Toothpaste $1.86$2.4724.8%
Shampoo $0.91$1.0211.0%
Movie $8.00$9.8718.9%
Bowling $4.00$4.398.9%

Groceries

ItemCovingtonNational avg.Difference
Ground Beef $4.59$4.482.5%
Fried Chicken $1.27$1.4613.3%
Milk $2.03$2.3613.9%
Potatoes $2.96$3.063.3%
Pizza $8.99$9.242.7%
Beer $9.26$8.637.3%

Health Care

ItemCovingtonNational avg.Difference
Optometrist $97.50$99.782.3%
Doctor $87.00$105.0317.2%
Dentist $83.67$88.705.7%
Ibuprofen $8.99$9.414.5%
Lipitor $288.92$298.503.2%

Housing

ItemCovingtonNational avg.Difference
Home Price $66,000.00$175,700.0062.4%
Avg. Mortgage Payment $1,024.55$1,081.035.2%
Apartment Rent $600.00$920.0034.8%

Transportation

ItemCovingtonNational avg.Difference
Gasoline $1.96$2.096.2%
Tire Balancing $52.00$45.2914.8%

Utilities

ItemCovingtonNational avg.Difference
All Electricity$168.59$170.801.3%
Phone $33.36$28.2618.1%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Selma, VA43983-17%
Iron Gate, VA36984-16%
Clifton Forge, VA3,85084-16%
Callaghan, VA19785-15%
Low Moor, VA30191-9%
Covington, VA5,85382-18%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Watchung, NJ5,85518383%
Springs, NY5,85518585%
Sweetwater, TN5,85681-19%
Henryetta, OK5,84882-18%
Plain City, UT5,8591066%
Covington, VA5,85382-18%
Source: The Covington, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.