Renter percentages in Covington have mirrored the inverse of homeownership trends. The proportion of renters increased from 39% in 2013 to a peak of 51% in 2017, before declining to 41% in 2022. Average rent prices have shown overall growth, rising from $725 in 2015 to $835 in 2022, a 15.2% increase. This trend in rent prices, while upward, has been less dramatic than the rise in home prices, potentially influencing the recent shift back towards homeownership.

In 2023, the average home price in Covington reached $178,145, with federal interest rates at 5.02%. As of 2024, the average home price has further increased to $187,195, while interest rates have risen slightly to 5.33%. These figures indicate a continuing upward trend in home values despite higher borrowing costs.

Looking ahead, predictive models suggest that average home prices in Covington may continue to rise over the next five years, potentially reaching around $220,000 by 2029. Rent prices are also expected to increase, albeit at a slower rate, potentially approaching $900 per month in the same timeframe.

In summary, Covington has experienced a notable resurgence in homeownership since 2018, reversing earlier declines. This trend has occurred alongside substantial increases in average home prices and more modest growth in rent prices. The city's housing market has shown resilience, with continued price appreciation even in the face of rising interest rates. As Covington moves forward, the balance between homeownership and renting will likely continue to evolve in response to economic conditions and local market factors.