Home Affordability in Chesapeake, VA
The median home price in Chesapeake is $345,000 with a median household income of $79,283. Housing is moderately affordable relative to local incomes.
Median Home Price
$345,000
Median Income
$79,283
Price-to-Income Ratio
4.4x
Est. Affordable Home
$308,000
Property Tax Rate
0.87%
Annual Property Tax
$3,002
Sales Tax Rate
6.00%
Cost of Living Index
99
Buying a Home in Chesapeake
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $79,283 in Chesapeake can afford a monthly housing payment of approximately $1,850. This translates to a home price of roughly $308,000, which is below the median home price of $345,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Chesapeake would be approximately $3,002 per year ($250/month) at the effective rate of 0.87%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $10,350 | $334,650 | Yes |
| 5% | $17,250 | $327,750 | Yes |
| 10% | $34,500 | $310,500 | Yes |
| 20% | $69,000 | $276,000 | No |
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