Covington, VA is a small town located in southwestern Virginia. It is home to several unique local businesses such as Beagle Bagel Bakery, Saunder’s Marketplace & Deli, and Raven’s Nest Coffeehouse. The cost of living in Covington is fairly low compared to the rest of the US - 2 bedroom rent averages at $880 per month while the US average is $1,430. Grocery cost index also tends to be lower than US standards with an index of 94 compared to 100 in the US. With its outdoor activities and close-knit community vibes, Covington is a great place for people who are looking for an affordable cost of living without sacrificing entertainment and convenience.
Covington has an unemployment rate of 7.7%. The US average is 6.0%.
Covington has seen the job market decrease by -6.2% over the last year. Future job growth over the next ten years is predicted to be 19.9%, which is lower than the US average of 33.5%.
Tax Rates for Covington
- The Sales Tax Rate for Covington is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Covington is 5.8%. 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 $23,589 a year. The US average is $37,638 a year.
- The Median household income of a Covington resident is $41,242 a year. The US average is $69,021 a year.