The story of this market
The typical home in ZIP 47932 sells for about $259,000, or $145 per square foot.
Prices are up +3.2% from a year ago, so sellers still have some momentum. Homes take about 62 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $825 a month.
ZIP 47932 — Covington
The housing market in 47932 remains stable with modest price appreciation driven by low inventory and consistent demand for single-family homes. Sales activity is moderate, reflecting a typical rural market where supply constraints keep prices firm despite broader economic headwinds.
This ZIP is best suited for families and long-term residents seeking a quiet, affordable small-town lifestyle with a lower cost of living compared to larger metro areas.
Median prices moved up 3.2% year over year.
Homes spend a median of 62 days on market with 6.5 months of supply — a balanced-paced market.
12% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 4.1% · poverty 10.0% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 9.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 9.0%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 47932, Fountain County, IN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime rates in Covington are generally low and consistent with rural Fountain County trends, remaining well below national urban averages.
The area is served by the Covington Community School Corporation, which maintains a stable reputation for small-town educational outcomes.
The region faces standard Midwestern weather risks, including seasonal wind and occasional flood exposure near the Wabash River; insurance premiums remain moderate.
Economic momentum is driven by local agricultural support, small-scale manufacturing, and regional service roles, with limited large-scale industrial expansion.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Indiana) — Ad Valorem Property Assessment: Property is assessed at 100% of true tax value, determined by market-based assessment systems and annual adjustments. State (Indiana) — Standard Homestead Deduction: Removes the first $45,000 of the homestead's assessed value from taxation. State (Indiana) — Indiana Property Tax Caps (Circuit Breaker): Limits annual property tax liability to 1% of gross assessed value for principal residences, 2% for other residential property, and 3% for non-residential property.
Commuting is primarily car-dependent, with residents traveling via US-136 toward regional employment hubs in Lafayette or Danville, IL.
Local amenities include access to the Wabash River for outdoor activities, small community parks, and local dining options within the Covington city center.
The rental market is characterized by low inventory and steady demand from local workers, with limited turnover and minimal short-term rental presence.
The local economy is anchored by agriculture, local government, and small-scale retail services serving the Fountain County region.
Transportation is dominated by private vehicle use, with US-136 serving as the primary arterial corridor for regional connectivity.
Development is largely infill-focused with no major large-scale commercial or residential projects currently under construction.
The Fountain County Assessor manages property valuations based on annual market adjustments and state-mandated assessment cycles.
Parcels are subject to Covington Community School Corporation taxes and standard county-level service districts.
Property insurance markets are stable, though premiums are sensitive to regional weather-related claims common in the Midwest.
Data retrieved from data.census.gov ZCTA-level tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Provides local fishing and recreational access.
Central community space for local events and recreation.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.