Quick facts: Covington, IN

Quick Facts

95.3
Cost of Living
below US average
2,686
Population
1.12
Crime Rate per 1000
below US average
$56,136
Median Income
below US average
$195,000
Median House Price
above US average
$964.0
Average Rent
below US average
10%
Poverty Rate
below US average
4.5%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $56,136.

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Income Needed to Buy

βœ— Stretch
$61k/year
Based on $195,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $61k vs median $56,136
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Income Needed to Rent

βœ“ Affordable
$41k/year
Based on $964.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($56,136) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Covington, IN

Covington, Indiana, is a small, charming city located in Fountain County in the western part of the state. With a population of around 2,500 residents, Covington offers a close-knit community atmosphere, making it an ideal place for families and individuals seeking a quieter lifestyle. The city is known for its historical significance, reflected in its numerous well-preserved buildings and landmarks. Key attractions include the Fountain County Courthouse and the Covington Historic District, which showcase beautiful architectural designs. Outdoor enthusiasts can enjoy the nearby scenic landscapes, including parks and the Wabash River, perfect for hiking, fishing, and picnicking. Covington is also home to various annual events that foster community spirit, such as the Covington Heritage Days, which celebrate local history and culture with food, music, and activities. The local economy features a mix of agriculture, manufacturing, and small businesses, promoting a sustainable environment. Education is provided by the Covington Community School Corporation, ensuring access to quality schooling for residents. Overall, Covington, IN, is a quaint town with rich traditions, community involvement, and a peaceful rural setting.

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