Covington, Georgia, is a town with a rich history and a growing population. While it may not be known for its wealth in the same way as nearby cities like Atlanta, the town has experienced economic growth in recent years and has a range of socioeconomic factors that contribute to its overall status as a community.
One way to evaluate the wealth of an area is to look at its median household income. According to the most recent data available from the U.S. Census Bureau, the median household income in Covington was $45,872 in 2019. This is below the national median household income of $68,703, indicating that Covington is not a particularly wealthy area relative to the country as a whole.
However, it’s important to note that median household income can vary widely depending on a number of factors, such as the size and composition of households, the age and education level of residents, and the type of employment opportunities available in the area. In Covington, the cost of living is lower than the national average, which can make a lower median household income go further. Additionally, the town’s growing population and economy are contributing to job growth and new business development, which can help boost the overall wealth of the community.
Another factor to consider when evaluating the wealth of an area is its poverty rate. According to the same data from the U.S. Census Bureau, the poverty rate in Covington was 22.5% in 2019. This is significantly higher than the national poverty rate of 10.5%, indicating that there is a significant portion of the population in Covington that is struggling financially.
However, it’s worth noting that the poverty rate in Covington has been declining in recent years. In 2010, the poverty rate in the town was 28.7%, indicating that there has been progress in reducing poverty in the area.
In terms of housing, the median home value in Covington was $156,100 in 2019, according to Zillow. This is slightly below the national median home value of $266,104. However, home values in Covington have been steadily increasing in recent years, which suggests that the town’s housing market is becoming more valuable and attractive to potential buyers.
Another way to evaluate the wealth of an area is to look at its educational attainment levels. In Covington, the percentage of residents with a high school diploma or higher was 87.9%, which is slightly below the national average of 90.2%. However, the town has a number of highly-rated schools, including Eastside High School and Newton County Theme School, which suggests that education is a priority for many families in the area.
Overall, while Covington may not be considered a wealthy area in the same way as some of its neighbors, it is a community that is experiencing growth and development. Its lower cost of living, growing economy, and range of attractions and amenities make it an attractive place to live and work for many people. While there are certainly areas in Covington that struggle with poverty and economic hardship, the town’s progress in reducing its poverty rate and its emphasis on education suggest that it is a community that is working to improve the lives of its residents.