Covington, WA

Very High · 168

Washington · Population 20,957 · Updated March 2026

$2,220
Median Rent / Month
$126,730
Median Income
$590,100
Median Home Value
$2,242
Owner Costs / Month

Affordability

How far your income goes in Covington

21.0%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Washington

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.5%
Sales Tax
0.92%
Property Tax Rate

Estimated Annual Costs

$26,640
Annual Rent
$0
State Income Tax
$5,429
Property Tax (est.)

Cost of Living Overview

Covington has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 168 (where 100 equals the national median), Covington residents can expect to pay median rent of $2,220/month while earning a median household income of $126,730/year.

The median home value in Covington, WA is $590,100, with typical monthly owner costs around $2,242 including mortgage, insurance, and taxes. The median rent-to-income ratio of 21.0% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Washington has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.5% sales tax rate and 0.92% effective property tax rate, the overall tax environment helps keep costs manageable in Covington.

Frequently Asked Questions

Common questions about living costs in Covington

What is the cost of living in Covington, WA?
The cost of living index in Covington, WA is 168 (US average = 100). Median monthly rent is $2,220, median household income is $126,730/year, and the median home value is $590,100.
Is Covington, WA affordable?
No, Covington is more expensive than the national average with a cost index of 168. The rent-to-income ratio is 21.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Covington, WA?
The median gross rent in Covington, WA is $2,220 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $26,640.
What is the median household income in Covington?
The median household income in Covington, WA is $126,730 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Washington?
Washington has a top income tax rate of 0%, a sales tax of 6.5%, and an effective property tax rate of 0.92%. Notably, there is no state income tax.