Covington city Real Estate and Livability Trends
Covington, Virginia's real estate market has experienced notable economic shifts, with average taxable income per tax return peaking at $45,005.90 in 2021, hinting at the potential for rising property values. Median home values have increased from $68,600 in 2015 to $80,100 in 2022, still far below the state and national averages, underscoring the area's affordability. Property crime trends... Read more
Covington city Market Trends
Covington city, Virginia's real estate market stands out for its affordability, with median home values slowly rising from $68,600 in 2015 to $80,100 in 2022, considerably lower than the state's $339,800 and the national $179,400 figures. Residential energy tax credits also reflect a favorable trend, increasing from $250.00 in 2013 to $333.33 by 2020, hinting at a push towards energy-efficient... Read more
Median Value of Occupied Housing Units in Covington city, Virginia Over the Last 8 Years
Covington city, Virginia's median home values have experienced modest fluctuations over the past eight years, with values rising from $68,600 in 2015 to $80,100 in 2022. This local market presents more affordability compared to both state and national levels, with Virginia's median home values reaching $339,800 in 2022 and the national figure climbing to $179,400. For those considering investment or relocation, Covington's housing market may offer lower entry costs while still indicating potential for growth.
Residential Energy Tax Credit Per Tax Return in Covington city, VA Over the Last 6 Years
Over the last six years, residential energy tax credits per tax return in Covington city, Virginia have shown some fluctuation. Starting in 2013 at $250.00, the amount dipped to $200.00 in 2014 before stabilizing back at $250.00 until 2016. Notably, there was a significant increase to approximately $333.33 by 2020, maintaining this level through 2021. This could potentially indicate a positive trend towards energy-efficient investments in residential properties, making Covington city an attractive area for environmentally conscious homebuyers and investors.
Average Real Estate Taxes Per Tax Return in Covington city, VA Over the Last 10 Years
Over the past decade, real estate taxes per tax return in Covington city, Virginia have shown a general upward trend. Starting at $1,100.00 in 2012, the average climbed to $1,600.00 by 2021. Notably, there were some fluctuations—dipping to $1,044.83 in 2013, followed by a steady increase, indicating rising property values or tax rates. This trend could potentially impact decisions for investors and homeowners concerning future tax liabilities.
Number of Mortgages by Occupancy Type in Covington city, VA Over the Last 5 Years in Covington city
In Covington city, Virginia, the number of principal residence mortgages has shown significant fluctuations, peaking at 229 in 2021 before dropping to 172 in 2022. Investment property mortgages, while much lower in count compared to principal residences, saw an interesting jump from 7 in 2021 to 27 in 2022. Second residences have remained relatively stable but low over the years. These trends can impact the assessment of property values, insurance premiums, and investment strategies. For instance, an increase in investment property mortgages may indicate a growing interest in rental markets or speculation, which can influence local property prices and rental rates. Conversely, a higher number of mortgages for principal residences might suggest rising demand for long-term living, potentially driving up home values and influencing urban planning and infrastructure needs. Understanding these patterns aids real estate agents, investors, and those looking to move to the area in making informed decisions.
Economic Outlook
Covington, Virginia's real estate market has seen considerable economic fluctuations over the past decade. Average taxable income per tax return displayed an upward trend, peaking at $45,005.90 in 2021, suggesting potential growth in property values. State and local income taxes per return also climbed, hitting $6,325.00 in 2019 before slightly dipping. The average total tax liability showed similar variability, peaking over $5,000.00 in 2015 and 2021. These income and tax trends could offer... Read more
Average Taxable Income per Tax Return in Covington city, VA over the last 9 years
Covington, Virginia has experienced a notable fluctuation in average taxable income per tax return over the past nine years. The data reveals a general upward trend, with a dip in 2016 and 2020, and a high spike reaching $45,005.90 in 2021. This growth trajectory could suggest a gradually improving economic environment, potentially making it an attractive option for real estate investment, property development, and other financial ventures. For real estate agents, appraisers, and insurance agents, these numbers might indicate potentially increasing property values and changing income demographics worth considering.
Average State and Local Income Taxes Per Tax Return in Covington city, VA Over the Last 10 Years
Over the past decade, Covington city, Virginia has experienced a significant rise in average state and local income taxes per tax return. Starting at $3,690.32 in 2012, there has been a notable upward trend, peaking at $6,325.00 in 2019. Though there was a slight dip in 2020 to $5,275.00, it rebounded to $5,733.33 in 2021. For potential investors and real estate agents, this trend might indicate an increasing tax burden, possibly reflecting economic growth or policy changes. Appraisers and insurance agents may consider these shifts as indicators of the area's evolving financial landscape and what it could mean for future property valuations.
Average Total Tax Liability Per Tax Return in Covington city, VA Over the Last 10 Years
Covington city, Virginia has seen some variability in its average total tax liability per tax return over the last decade, typically ranging from around $4,541.41 to $5,061.22. Notably, the tax liability peaked in 2015 and 2021 at over $5,000.00, which could point to economic changes or shifts in taxable incomes within the city during those years. This trend is relevant for potential investors, real estate agents, and those looking to move to the area, as it offers insight into the economic landscape and fiscal responsibilities residents might anticipate.
Cost of Living in Covington city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,228 | $1,488 | $1,681 | $980 | $1,103 |
| 1 adult 4 children | $1,228 | $1,215 | $1,284 | $980 | $1,206 |
| 2 adults 3 children | $1,228 | $1,216 | $1,459 | $980 | $897 |
| 1 adult 3 children | $1,228 | $992 | $1,062 | $980 | $967 |
| 2 adults 2 children | $970 | $995 | $1,237 | $846 | $782 |
| 1 adult 2 children | $970 | $743 | $840 | $846 | $711 |
| 2 adults 1 child | $970 | $786 | $1,015 | $410 | $730 |
| 1 adult 1 child | $970 | $508 | $618 | $410 | $637 |
| 2 adults | $777 | $632 | $793 | $0 | $639 |
| 1 adult | $773 | $345 | $396 | $0 | $584 |
Safety trends & Data
Covington city, Virginia, has shown interesting shifts in property crime trends that may influence the real estate market. While larceny-theft peaked at 53 incidents in 2018 before dropping significantly to just eight in 2022, burglary incidents also saw a sharp decline from ten in 2019 to one in 2022. However, consistent fraud and vandalism rates point to ongoing challenges. For stakeholders, these statistics suggest a general improvement in safety, yet they also highlight areas warranting... Read more
Property Crime Trends in Covington city, VA Over the Last 5 Years
Covington city, Virginia, has seen fluctuating trends in property crime over the last five years. Notably, larceny-theft, which peaked at 53 incidents in 2018, has significantly decreased to just eight in 2022. Burglary incidents rose to ten in 2019 but drastically fell to one by 2022. Meanwhile, fraud and vandalism figures have remained relatively consistent, hinting at persistent issues in these areas. For potential investors, insurance agents, and real estate professionals, these trends suggest improving safety but highlight specific areas needing continued attention.
Demographics
Covington city, Virginia exhibits nuanced demographic trends with a slight female majority in its adult population. Educational attainment varies widely, with most adults having at least a high school diploma, though higher education degrees are less common. Age distribution highlights a significant aging population, especially those aged 55 to 64 years. The racial composition is predominantly White, with a notable presence of Black or African American residents, while other racial groups are... Read more
Race Distribution in Covington city, Virginia (2022)
Educational Attainment in Covington city, Virginia (2022)
Age Distribution in Covington city, Virginia
Citizen Population in Covington city, Virginia (2022)
Political Trends & Data
In Covington City, Virginia, real estate trends may be influenced by a political landscape that leans heavily Republican, as seen in the 2020 U.S. Presidential Election where the Republican candidate seemingly secured about 61% of the vote. This conservative tilt could impact local policies and zoning laws, possibly making the area more appealing to certain... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Covington City, Virginia, the Republican candidate seems to have garnered a significant lead with around 61% of the vote in the 2020 U.S. Presidential Election. The Democratic candidate trailed behind with roughly 37%, while Libertarian and other minor parties hardly made a dent, capturing less than 3% combined. This suggests a strong leaning towards conservative politics in this locality during the last election cycle.
60.70% of voters voted for the Republican party in the 2020 Presidential Election
37.03% of voters voted for the Democrat party in the 2020 Presidential Election
1.92% of voters voted for the Livertarian party in the 2020 Presidential Election
0.35% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Covington City, Virginia, the student-to-teacher ratio has fluctuated over the past decade, impacting both educational quality and potentially influencing property values. Peaking at 17 in 2018 and 2019, the ratio dipped to a low of 13.74 in 2016, with 2023 seeing it back at around 14. These trends can affect family decisions on where to live, shaping housing demand in the area. Investors, appraisers, and insurance agents might find this data useful for property risk and value assessments,... Read more
Student-to-teacher ratio in Covington City, Virginia over the last 10 years
The student-to-teacher ratio in Covington City, Virginia has shown fluctuations over the past decade, with significant peaks in 2018 at 17 and in 2019 slightly higher. While the ratio started at 14 in 2014 and ended up at a similar level in 2023, it reached its lowest point at 13.74 in 2016. These changes can impact the quality of education, with potential implications for property values and family decisions to move into or out of the area. For investors and real estate agents, understanding these trends might help anticipate changes in demand for housing, as quality of education often influences buying decisions. Appraisers and insurance agents may also find this data useful to estimate property risk and value assessments. The fluctuations also suggest variability that stakeholders in the education sector need to be aware of to ensure optimal learning environments, especially in comparison to the national average of 14 students per teacher.
