Total monthly cost of ownership
Cost to Own a Home in Chesapeake, Virginia
A $359,000 home here costs
$2,870per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $123,000 a year.
A standard mortgage calculator would have told you $1,989. The real number is $881 higher every month, 44% more than the payment most buyers budget for.
Compare Chesapeake city with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Chesapeake against Chesapeake city and Virginia
| Measure | Chesapeake | Chesapeake city |
|---|---|---|
| Median home value | $359,100 | $359,100 |
| Median property tax | $2,937 | $2,937 |
| Effective tax rate | 0.818% | 0.818% |
| Median gross rent | $1,523 | $1,523 |
| Population | 251,153 | 251,153 |
The weather behind that power bill
Chesapeake sits in Chesapeake city, which averages a high of 92.5°F in its hottest month and a low of 33.6°F in its coldest, with 48.62" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 2,130 cooling and 2,810 heating degree days, which is what sets the $181 electricity line above.
See the full climate breakdown for Chesapeake city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chesapeake city
No other places of this size are published in Chesapeake city.
Full Chesapeake city cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Chesapeake averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Chesapeake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Chesapeake I already own here and may sell
Common questions
How much does it cost to own a home in Chesapeake?
A $359,000 home in Chesapeake, Virginia costs approximately $2,870 per month with 20% down at 7.4%. That is $1,989 principal and interest, $245 property tax, $88 homeowners insurance, $249 utilities and $299 set aside for maintenance.
What is the property tax rate in Chesapeake?
Chesapeake has an effective property tax rate of 0.818%, based on a median home value of $359,100 and median real estate taxes of $2,937. That is in line with the Chesapeake city average of 0.818%.
What is the average home price in Chesapeake?
The median owner-occupied home value in Chesapeake, Virginia is $359,100, against $359,100 across Chesapeake city.
Is it cheaper to rent or buy in Chesapeake?
Median gross rent in Chesapeake is $1,523 a month, against $2,870 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Chesapeake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Chesapeake, Virginia at today's rate takes a household income of roughly $123,000 a year. That covers the full $2,870 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Chesapeake, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Virginia.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.