Side-by-side comparison of home prices, mortgage payments, and housing costs between Covington and Richmond, Kentucky. Using Kentucky's 0.83% property tax rate and $2,400/year insurance. Updated for 2026.
Metric
Covington
Richmond
Median Home Price
$215K
$215K
Population
40,640
37,292
Average Rent
$1,050/mo
$980/mo
Est. Monthly Mortgage (P&I)
$1,223/mo
$1,223/mo
Est. Monthly Property Tax
$149/mo
$149/mo
Est. Monthly Insurance
$200/mo
$200/mo
Est. Total PITI
$1,652/mo
$1,652/mo
Price-to-Rent Ratio
17.1
18.3
Verdict
Covington and Richmond are nearly identical in monthly housing costs, with only $0/month separating them. Your choice should come down to lifestyle, commute, and neighborhood preferences rather than cost.
Monthly Payment Comparison
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Kentucky's 0.83% property tax rate.
Covington
Home Price$215,000
Down Payment (10%)$21,500
Loan Amount$193,500
Monthly P&I$1,223
Monthly Property Tax$149
Monthly Insurance$200
Monthly PMI$81
Total PITI$1,652/mo
Annual property tax: $1,785
Richmond
Home Price$215,000
Down Payment (10%)$21,500
Loan Amount$193,500
Monthly P&I$1,223
Monthly Property Tax$149
Monthly Insurance$200
Monthly PMI$81
Total PITI$1,652/mo
Annual property tax: $1,785
Which City Is Better For...
First-Time Buyers
Richmond is the better choice for first-time buyers, with a median price of $215K versus $215K in Covington. That's $0 less to save for a down payment. You'd need roughly $8K for an FHA 3.5% down payment in Richmond, compared to $8K in Covington. Kentucky offers the KHC Regular DAP program (Up to $6,000 repayable loan) which applies in both cities.
Real Estate Investment
Covington has the better price-to-rent ratio at 17.1x versus 18.3x in Richmond. A lower ratio generally signals better rental income relative to purchase price. Average rent in Covington is $1,050/month on a $215K median home, making it a stronger candidate for buy-and-rent investors.
Families
Covington (pop. 40,640) offers more amenities, schools, and services typical of a larger city, while Richmond (pop. 37,292) may offer a quieter, more community-oriented lifestyle. Families on a budget may prefer Richmond, where lower housing costs free up more income for childcare, education, and savings.