Quick facts: Covington, TN

Quick Facts

99.5
Cost of Living
below US average
8,597
Population
30.36
Crime Rate per 1000
above US average
$44,384
Median Income
below US average
$255,000
Median House Price
above US average
$1307.5
Average Rent
below US average
14%
Poverty Rate
above US average
5.2%
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 $44,384.

🏠

Income Needed to Buy

βœ— Stretch
$80k/year
Based on $255,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $80k vs median $44,384
🏒

Income Needed to Rent

⚠ Stretch
$56k/year
Based on $1307.5/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $56k vs median $44,384
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Covington, TN

Covington, Tennessee, is a charming small city located in Tipton County, approximately 30 miles northeast of Memphis. Known for its rich history and southern hospitality, Covington is a community with a population of around 9,000 residents, offering a blend of rural charm and urban convenience. The city's historic downtown features a selection of shops, cafes, and local businesses, making it a pleasant area for strolling and enjoying the local culture. Covington also boasts several parks, including the beautiful Covington City Park, which provides residents and visitors with recreational opportunities like picnicking, walking trails, and playgrounds. The local educational system is served by the Covington City Schools and the Tipton County Schools, providing quality education to the youth of the area. Additionally, Covington hosts several annual events and festivals that bring the community together, celebrating its heritage and vibrant local culture. With its friendly atmosphere and close-knit community, Covington is an inviting place for families and individuals looking for a quieter lifestyle, while still being within reach of the amenities of a larger city nearby.

πŸ” Search & Compare Places

First Location πŸ“