Covington City, Virginia home prices
Typical home $116,111 · +8.2% in a year · property tax 0.82%
The typical home in Covington City is worth $116,111, 72% less than the Virginia typical home ($412,252). Values changed +8.2% in the past year and +52.8% over five years. Homeowners here pay a median 0.82% of their home's value in property tax each year ($947 on the typical home), versus 0.71% statewide.
Mortgage on the typical Covington City home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $23,222 | $92,889 | $625 | $0 | $137 | $762 | $32,700 |
| 10% down | $11,611 | $104,500 | $703 | $44 | $137 | $883 | $37,900 |
| 5% down | $5,806 | $110,306 | $742 | $46 | $137 | $925 | $39,600 |
| 3.5% down (FHA) | $4,064 | $114,008 | $767 | $51 | $137 | $955 | $40,900 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.82% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
What it takes: see what you can afford by salary in Virginia.
Virginia counties with similar prices
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Lee County | $116,115 | +9.4% | 0.6% |
| Dickenson County | $115,970 | +14.6% | 0.47% |
| Martinsville City | $110,817 | -5.9% | 0.77% |
| Norton City | $130,808 | -4.7% | 0.73% |
| Danville City | $133,231 | -1.0% | 0.65% |
| Wise County | $135,234 | +0.9% | 0.58% |
| Henry County | $141,597 | -4.1% | 0.47% |
| Russell County | $143,358 | +3.8% | 0.48% |
| Lunenburg County | $143,388 | -1.3% | 0.39% |
| Tazewell County | $144,973 | +3.6% | 0.62% |
Frequently asked questions
What is the average home price in Covington City, VA?
The typical home value in Covington City is $116,111 (Zillow Home Value Index, September 2026).
How much do you need to earn to buy a house in Covington City?
About $32,700 a year for the typical home with 20% down at a 7.11% 30-year rate.
What is the property tax rate in Covington City?
The median effective rate is 0.82% of home value a year (Census ACS 2024 5-year estimates).