Covington city, Virginia: commercial real estate data.
Covington city, Virginia had an estimated 5,663 residents on July 1, 2024, down 1.4 percent since the 2020 census base of 5,746, across 5 square miles. 197 establishments operate here, and the SBA record carries 1 7(a) approvals worth $1.3 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Covington city
How many people live in Covington city
- Population, American Community Survey 2020-20245,680
- Households2,576
- Average household size2.20
- Median household income$41,944
- Median age38.0
- Median gross rent$794 per month
- Median owner-occupied home value$83,500
- Home value to household income2.0 times
- Annual rent as a share of median income22.7 percent
- Adults 25 and over with a bachelor degree or higher9.5 percent
- Adults 25 and over with a graduate degree4.2 percent
- Adults 25 and over3,839
- Population under 181,309
- Share under 1823.0 percent
- Population 65 and over1,125
- Share 65 and over19.8 percent
- Working age population, 18 to 643,246
- Civilian labor force2,072
- Unemployment rate2.8 percent
- Labor force participation, adults 18 and over47.4 percent
- Rank by population among Virginia independent cities128th of 133
- Rank by population among US county-equivalents, Puerto Rico included2839th of 3,222
Covington city is the 128th largest of 133 Virginia independent cities by population. A median home costs 2.0 times median household income, which is affordable by national standards. Residents under 18 outnumber those 65 and over, at 23.0 percent against 19.8 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Covington city
Is Covington city's population growing?
- Population, July 1, 20245,663
- Census 2020 base population5,746
- Population change since the 2020 census base-1.44 percent
- Population change, 2023 to 202452
- Births, 202488
- Deaths, 2024135
- Natural change, 2024-47
- Net domestic migration, 202492
- Net international migration, 20247
- Total net migration, 202499
- Cumulative net domestic migration, 2021 to 202412
- Rank by growth among US county-equivalents2343rd of 3,144
The county has lost 1.44 percent of its population since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Covington city
Where are people moving to Covington city from?
- Tax returns filed by households arriving193
- People arriving, from those returns353
- Tax returns filed by households leaving204
- Net household movement-11
- Adjusted gross income arriving$7.3 m
- Net adjusted gross income movement$-930,000
- Average income of an arriving household$37,824
- Average income of a leaving household$40,343
- Largest single originAlleghany County (107 households)
- Largest single destinationAlleghany County (110 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Alleghany County | 107 | 203 | $4.0 m |
Households arriving report $2,519 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Alleghany County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Covington city
Employment by industry in Covington city
- Covered employment, annual average3,728
- Establishments reporting293
- Average annual pay$57,912
- Average weekly wage$1,114
- Retail trade, employment549
- Retail trade, average annual pay$29,426
- Other services, except public administration, employment115
- Other services, except public administration, average annual pay$24,411
- Finance and insurance, employment89
- Finance and insurance, average annual pay$66,873
- Administrative and support and waste management services, employment67
- Administrative and support and waste management services, average annual pay$50,378
- Professional, scientific and technical services, employment43
- Information, employment34
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Retail trade | 549 | 40 | $29,426 |
| Other services, except public administration | 115 | 22 | $24,411 |
| Finance and insurance | 89 | 14 | $66,873 |
| Administrative and support and waste management services | 67 | 7 | $50,378 |
| Professional, scientific and technical services | 43 | 16 | $49,703 |
| Information | 34 | 7 | $40,460 |
| Real estate and rental and leasing | 26 | 8 | $49,004 |
| Unclassified establishments | 8 | 2 | $24,581 |
Retail trade is the largest private sector at 549 jobs, 14.7 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Covington city
How many businesses are in Covington city?
- Establishments, all industries197
- Employment at those establishments3,344
- Annual payroll$217.5 m
- Establishments per 1,000 residents34.7
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Covington city
Building permits in Covington city
- Housing units authorized by permit, 20241
- Declared construction value permitted$90,000
- Single family units authorized1
- Multifamily units authorized0
- Multifamily share of units0.0 percent
- Average declared value per unit$90,000
- Units authorized per 1,000 households0.4
Single-family homes are 100.0 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Covington city
SBA loans in Covington city (7(a) and 504)
- 7(a) approvals recorded1
- 7(a) gross approval dollars$1.3 m
- Average 7(a) approval$1,330,000
- Median 7(a) approval$1,330,000
- Largest single approval$1,330,000
- Jobs reported supported, 7(a)13
- Jobs per approval13.0
- Distinct 7(a) lenders active1
- Distinct industries receiving approvals1
- Median 7(a) term300 months
- Share of loans on real estate terms, 240 months or longer100.0 percent
- Loans on real estate terms1
- Loans on working capital terms, 120 months or shorter0
- Franchise loans1
- Franchise share of approvals100.0 percent
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Covington city
SBA loan default and charge-off rates in Covington city
Do SBA loans in Covington city get paid back?
- Loans with a final outcome recorded0
- Paid in full0
- Charged off0
- Status: Exempt from disclosure1
Only 0 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Covington city
How large is Covington city?
- Land area5 sq mi
- Rank by land area among Virginia independent cities130th of 133
- Width, east to west2.3 mi
- Height, north to south4.5 mi
- Geographies sharing a boundary1
- Residents per square mile of land1,136
- Establishments per square mile39.40
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Covington city
Flood risk in Covington city
- Participation of the county's own NFIP community Covington, city ofParticipating, community 510040
- Communities in the county in the NFIP Community Status Book1
- Of those, participating in the NFIP1
- NFIP participation rate100.0 percent
- Communities carrying a CRS class0
- Radon levels in Covington city, EPA zone predicted average indoor radon screening level greater than 4 pCi/LZone 1
The county's own community in the status book, the City of Covington (community 510040), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Covington city in radon zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Covington city site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Covington city site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-20245,680
- Households2,576
- Average household size2.20
- Median household income$41,944
- Median age38.0
Common questions
Covington city questions, answered from the record.
How many people live in Covington city, Virginia?
The Census Bureau estimates 5,663 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 5,680, in 2,576 households, ranking 128th of 133 Virginia counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Covington city's population growing?
The population has fallen 1.44 percent since the 2020 census base of 5,746, to 5,663 on July 1, 2024. In 2024 there were 88 births against 135 deaths, with net migration of 99. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Covington city?
$41,944. The median owner-occupied home is valued at $83,500, which is 2.0 times income, and median gross rent is $794 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Covington city?
197 establishments, employing 3,344 people with an annual payroll of $217.5 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Covington city?
Retail trade is the largest private sector at 549 jobs, 14.7 percent of covered employment. Covered employment averages 3,728 jobs at an average annual pay of $57,912, or $1,114 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Covington city?
1 7(a) approvals totaling $1.3 m since FY2020, across 1 lenders, with a median approval of $1,330,000. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Covington city?
1 housing units were authorized by permit in 2024, with a declared construction value of $90,000. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Covington city?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Covington city come from?
The largest single origin is Alleghany County, with 107 households. Arriving households report an average income of $37,824 against $40,343 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Covington city on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Covington city?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
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