Report: Covington Among Least Expensive Cities to Live in US
According to the latest Cost of Living Index, Covington is among the ten least expensive American urban cities to live in.
The Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile. It is based on more than 90,000 prices covering almost 60 different items for which prices are collected three times a year by chambers of commerce, economic development organizations or university applied economic centers in each participating urban area. Small differences in the index numbers should not be interpreted as significant.
The composite index is based on six components – housing, utilities, grocery items, transportation, health care and miscellaneous goods and services.
Covington ranked sixth on the list of least expensive, according to the Index's website.
The list is made up from data collected in the third quarter of 2013, the most recent information released publicly. Covington is on the list with Norman (OK), Pueblo (CO), Harlingen (TX), Memphis (TN), Youngstown-Warren (OH), Tupelo (MS), Augusta-Aiken (GA-SC), Birmingham (AL), and Sherman-Denison (TX).
Yahoo published a story this week geared toward retirees who may be looking for a cheaper place to live and highlighted the list and Covington in its report.