Quick facts: Covington, WA

Quick Facts

115.1
Cost of Living
above US average
21,374
Population
43.0
Crime Rate per 1000
above US average
$123,065
Median Income
above US average
$794,950
Median House Price
above US average
$3127.59
Average Rent
above US average
5%
Poverty Rate
below US average
4.3%
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 $123,065.

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Income Needed to Buy

βœ— Stretch
$249k/year
Based on $794,950 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $249k vs median $123,065
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Income Needed to Rent

⚠ Stretch
$134k/year
Based on $3127.59/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $134k vs median $123,065
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Covington, WA

Covington is a charming city located in King County, Washington, situated approximately 30 miles southeast of Seattle. With a population of around 21,000 residents, it offers a suburban feel combined with the beauty of the Pacific Northwest. Covington is known for its family-friendly environment, excellent schools, and an abundance of parks and recreational opportunities. The city hosts a variety of community events throughout the year, fostering a strong sense of community among its residents. Key attractions include the Covington Community Park, which features sports fields, walking trails, and picnic areas, making it a popular spot for outdoor activities. The city is also conveniently located near major shopping centers and dining options, providing residents with easy access to amenities. Nestled between the scenic mountains and lush forests, Covington offers residents the opportunity to enjoy nature while being just a short drive away from the urban attractions of Seattle and Tacoma. The city’s commitment to maintaining a high quality of life makes it an appealing choice for those looking to settle in the area.

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