Total monthly cost of ownership
Cost to Own a Home in Chesapeake, Virginia
A $359,000 home here costs
$2,704per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,846. The real number is $858 higher every month — 47% more than the payment most buyers budget for.
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 $158 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
Common questions
How much does it cost to own a home in Chesapeake?
A $359,000 home in Chesapeake, Virginia costs approximately $2,704 per month with 20% down at 6.66%. That is $1,846 principal and interest, $245 property tax, $88 homeowners insurance, $226 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 $2,704 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.