Chesapeake, VA
Chesapeake (city) County · Pop. 249,422
Ranked #78 of 243 cities
48Moderate
Median Home Price
🏠$320K
3.0% YoY
Median Rent
🔑$1,500
2.5% YoY
Median Income
💰$72K
Rent Burden
📊28.0%
% of income to rent
Income to Buy
🏦$92K
annual income needed
Income to Rent
📝$60K
annual income needed
Price-to-Income
⚖️4.4x
Homeownership
🏡68.0%
Rent vs. Buy
Buy
$1,703/mo
Est. mortgage (7%, 20% down)
Need $92K/yr income
Rent
$1,500/mo
Median rent
Need $60K/yr income
How Chesapeake Compares
| Metric | Chesapeake | Virginia | National |
|---|---|---|---|
| Home Price | $320K | $383K | $410K |
| Rent | $1,500 | $1,567 | $1,500 |
| Income | $72K | $90K | $75K |
| Rent Burden | 28.0% | 31.0% | 30.0% |
Key Takeaways
- • Home prices in Chesapeake are 22% lower than the national average.
- • Rent is about average than the national average.
- • You need an income of $92K to comfortably buy a home here.
- • The homeownership rate is 68.0%, compared to 65.0% nationally.