Covington, KY is a vibrant city offering many attractions and businesses. It has a lower cost of living than the US average, with 2 Bedroom rent being around $1,020 compared to $1,430 in the US. The Grocery Cost Index is also significantly lower than the national average at 97. This makes Covington an attractive place for individuals looking to save on living costs. There are many local companies and restaurants as well as attractions in the area. Some of these include The Ville Grill & Bar, Woodhouse Day Spa and Johnson’s Drive-In Restaurant. Other popular attractions in Covington include many parks including Devou Park and Latonia Lakes Park as well as activities such as horse racing at Turfway Park.
Covington has an unemployment rate of 5.2%. The US average is 6.0%.
Covington has seen the job market increase by 1.9% over the last year. Future job growth over the next ten years is predicted to be 36.9%, which is higher than the US average of 33.5%.
Tax Rates for Covington
- The Sales Tax Rate for Covington is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Covington is 8.7%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Covington
- The average income of a Covington resident is $20,548 a year. The US average is $28,555 a year.
- The Median household income of a Covington resident is $47,917 a year. The US average is $69,021 a year.