Mortgage payment estimates, closing cost breakdowns, and homebuying data for Chesapeake, Virginia.
Pre-filled with Chesapeake median home price and Virginia tax/insurance rates. Adjust for your property.
Estimated closing costs based on Virginia rates and fees applied to Chesapeake prices.
The median home price in Chesapeake is $355,000, 11% below the Virginia state median of $400,000. With a population of 249,422, Chesapeake is a mid-size city where home prices tend to be more accessible than in many parts of Virginia.
Property taxes in Virginia average 0.82% annually. This moderate property tax rate means a $355,000 home in Chesapeake would carry roughly $243/month in property taxes. Homeowners insurance in Virginia runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Chesapeake is $1,480/month. The price-to-rent ratio in Chesapeake is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Chesapeake presents moderate affordability. The $355K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.