Quick facts: Chesapeake, VA

Quick Facts

106
Cost of Living
above US average
252,488
Population
24.4
Crime Rate per 1000
above US average
$92,703
Median Income
above US average
$414,900
Median House Price
above US average
$2441.88
Average Rent
above US average
8%
Poverty Rate
below US average
3.0%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $92,703.

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Income Needed to Buy

βœ— Stretch
$130k/year
Based on $414,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $130k vs median $92,703
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Income Needed to Rent

⚠ Stretch
$105k/year
Based on $2441.88/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $105k vs median $92,703
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Chesapeake, VA

Chesapeake, Virginia, is a vibrant city located in the Hampton Roads region, with a rich history and diverse cultural landscape. Known for its expansive network of parks and outdoor recreational areas, the city offers numerous opportunities for hiking, biking, and water activities, particularly along the scenic waterways and the Great Dismal Swamp National Wildlife Refuge. Chesapeake is a blend of urban conveniences and suburban charm, featuring a variety of shopping centers, restaurants, and entertainment options. The city is home to several notable attractions, including the Chesapeake Arboretum and the Great Bridge Battlefields & Waterways History Foundation, which highlight its historical significance. With a thriving economy supported by sectors such as military defense, healthcare, and education, Chesapeake offers employment opportunities while maintaining a high quality of life for its residents. The city also hosts community events and festivals throughout the year, fostering a strong sense of community among its diverse population. Overall, Chesapeake is a unique and welcoming destination with a perfect mix of modern living and natural beauty.

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