When it comes to living in Chesapeake, you’ll find a city that offers natural beauty and suburban comfort. Chesapeake is one of Virginia’s largest cities by population, yet it maintains a balance of city conveniences and access to nature with plenty of waterways, parks, and trails. For new residents, the big question often comes down to the cost of living in Chesapeake VA. Is it closer to pricey hubs like Boston, or is it more in line with rural Virginia’s reputation for affordability?
The good news is that the Chesapeake VA cost of living is generally close to the national average, making it more accessible than many major metro areas across the country. While you won’t find it among the most expensive places to build a life, it’s also not ranked as one of the very cheapest.
Whether you’re a single person weighing housing and food costs or a family mapping out long-term data on expenses, Chesapeake offers a reasonable middle ground. This balance of city amenities and everyday affordability makes Chesapeake a great choice for those seeking a comfortable, sustainable lifestyle without breaking the bank. Let’s dive into everything you need to know about the cost of living in Chesapeake VA.
Chesapeake VA Cost of Living Index
When researching the cost of living in Chesapeake VA, it’s important to understand that many factors can impact your overall expenses, such as your household size, chosen city or neighborhood, and lifestyle. That’s why the Cost of Living Index is a helpful tool to start with. It provides a snapshot of how affordable a place is compared to the national average, allowing you to quickly see if a move here fits within your budget.
The Cost of Living Index measures the price of everyday goods and services like transportation, healthcare, food, and miscellaneous expenses. For example, the cost of living in Chesapeake VA is reflected in its overall score of 103.5, which means it’s 3.5% higher than the national average.
In other words, while Chesapeake is not among the most expensive cities in the U.S., it isn’t the cheapest either. This makes it a balanced choice for families and individuals, making Chesapeake an appealing option for those who want modern amenities without the steep costs of larger metro areas.
Consumer Price Index (CPI)
Another good way to analyze the cost of living in Chesapeake VA is to consider the Consumer Price Index, or CPI. The Consumer Price Index is published by the Bureau of Labor Statistics each month and reports the change in prices that residents are paying in a city. Prices include things like food, energy, and healthcare.
According to the latest Consumer Price Index, the Chesapeake VA cost of living is on the rise, and prices are up 3.2% over the past 12 months.
Consumer Expenditure Survey
Another good way to evaluate the cost of living in Chesapeake VA is to take a look at the data in the latest Consumer Expenditure Survey. This report is also published by the Census Bureau and helps to calculate the overall CPI. This study takes into account things like housing, food, healthcare, and transportation expenses.
Chesapeake is part of the northeast region, which spends the second most out of all the regions in the United States (just behind the West). According to the latest survey, consumers in the Northeast spend an average of $83,647 per year.
Here’s a quick look at how this budget breaks down (and how it compares to the national average):
- Housing: $28,681 (compared to U.S. average of $24,868)
- Transportation: $12,991 (compared to U.S. average $12,736)
- Food: $10,683 (compared to U.S. average of $9,665)
- Healthcare: $6,297 (compared to U.S. average of $6,042)
- Education: $2,384 (compared to U.S. average of $1,496)
- Miscellaneous: $1,257 (compared to U.S. average of $1,097)
Family Budget in Chesapeake VA
What is the cost of living in Chesapeake VA for a family? According to the Economic Policy Institute, a family of four with two adults and two children in Chesapeake would need to earn $108,692 per year to live comfortably in the city. This is factoring in expenses like child care, healthcare, housing, and food.
Of course, your expenses can vary greatly depending on factors like your lifestyle and household size. For example, a single person with no children would only need to earn $54,544 per year, and a couple with no children would need to earn $67,773.
Cost of Household Items, Utilities, Gas, & Groceries in Chesapeake VA
Now that you know the Chesapeake VA Cost of Living Index, you’ll want to dive into the details. The cost of living in Chesapeake VA is not only based on healthcare and public transportation expenses, but also other necessities that you utilize every single day. Here are just a few of the expenses that go into the final cost of living in Chesapeake VA.
- Steak (1 pound): $7.50
- Milk (1 gallon): $3.37
- Eggs (1 dozen): $3.36
- Potatoes (5 pounds): $6.45
- Bread (1 loaf): $3.69
- Beer (1 bottle): $6.00
- Movie ticket: $13.00
- Average cell phone bill: $53,67
- Average Chesapeake utilities per month: $188.84
Source: Numbeo
Chesapeake VA Real Estate Market
The Chesapeake VA housing market plays a big part in the overall cost of living in Chesapeake VA. Luckily, there are plenty of Chesapeake homes for sale at a variety of price points. According to Redfin, the average home price in Chesapeake VA is $415,000. \
Although the Chesapeake real estate market is heating up (housing costs are up 1.1% compared to last year), the median home price remains below the national average of $442,992. These low home prices keep the cost of living in Chesapeake VA on the affordable end.
Here’s how the Chesapeake home prices stack up against other Virginia cities:
- Newport News: $302,275
- Norfolk: $335,000
- Virginia Beach: $405,000
- Richmond: $410,000
- Alexandria: $657,000
Chesapeake VA Rental Market – Average Rent in Chesapeake VA
Renting will also play a big part in the cost of living in Chesapeake VA. According to RentCafe, the average Chesapeake VA rent is $1,749, which is just below the national average of $1,754. If you’re looking to lower your cost of living in Chesapeake VA, then the most affordable neighborhoods for renters include Battlefield Corporate Center ($1,669 per month) and Greenbrier Mall ($1,803 per month).
Here’s how Chesapeake stacks up to other major Virginia cities:
- Richmond: $1,572
- Arlington: $2,708
- Alexandria: $2,227
- Charlottesville: $2,110
- Norfolk: $1,538
According to the National Low Income Housing Coalition, you would need to earn at least $67,840 per year ($32.62 per hour) to afford a two bedroom apartment in the city without spending over 30% of your income on housing.
Another good way to analyze the cost of living in Chesapeake VA is to consider the price-to-rent ratio. The price-to-rent ratio tells you whether it’s more affordable to buy or to rent in a city. The higher the ratio, the better the area is for buyers. The lower the ratio, the better the area is for buyers. To calculate the price-to-rent ratio, you need to take the median annual rent and divide it by the median home price. Here’s what you get when you plug in Chesapeake’s numbers.
$415,000 / $20,988 = 19.7
This is a high ratio, meaning that the area is better for renters.
Average Salary & Household Income in Chesapeake VA
Understanding local income levels is key when evaluating the cost of living in Chesapeake VA. Your salary and household income directly affect how far your money will go, especially when compared to expenses like housing, food, and transportation. On average, the typical worker in Chesapeake earns about $72,000 per year, according to PayScale.
Meanwhile, the median household income is significantly higher at $92,633, which helps balance out the Chesapeake VA cost of living and makes the city more affordable for families than individual earners.
Chesapeake’s job market is diverse, with opportunities spread across education, healthcare, retail, logistics, and government. According to Chesapeake Virginia Economic Development, the top employers in Chesapeake are:
- Chesapeake City Public School Board
- City of Chesapeake
- Chesapeake General Hospital
- Walmart
- Amazon Fulfillment Services Inc.
- Dollar Tree Management
- Food Lion
- United Services Automobile Association (USAA)
- Cox Communications Hampton
- Sentara Healthcare
Income, Sales & Property Taxes in Chesapeake VA
Taxes are a major factor when calculating the overall cost of living in Chesapeake VA. From sales taxes on your everyday purchases to state income taxes and property taxes on your home, these expenses add up and impact how far your income will stretch. Understanding how Chesapeake compares to other areas can help you plan better and get a clear picture of the true cost of living in Chesapeake VA.
Sales Tax in Chesapeake VA
When it comes to shopping and daily spending, the sales tax in Chesapeake VA is relatively straightforward. The combined Chesapeake VA sales tax rate is 6%, which includes both the Virginia state tax and local city tax. This means that for every $100 you spend, you’ll pay $6 in sales tax.
Virginia Income Tax Rate
Virginia uses a progressive income tax system. The Virginia income tax rate ranges from 2% to 5.75%, depending on income level. For Chesapeake residents, this means your earnings will be taxed at a rate that increases with your salary.
Chesapeake Property Tax
Owning a home also comes with its share of taxes. The Chesapeake property tax is calculated based on the assessed value of your home. Currently, the Chesapeake VA property tax rate is $1.05 per $100 of assessed value. For example, if your home is valued at $300,000, your annual property taxes would be about $3,150.
Chesapeake vs. Virginia Beach Cost of Living
When it comes to coastal living in Hampton Roads, Chesapeake and Virginia Beach are two of the most popular choices. Since they’re neighboring cities, it makes sense to look at a living comparison between the two. The truth is, the cost of living in Chesapeake VA, and Virginia Beach is remarkably close, with only slight variations in housing and overall expenses.
If you compare Chesapeake to Virginia Beach, the difference in housing is minimal. The average home price in Chesapeake is about $415,000, compared to $405,000 in Virginia Beach. Rent follows the same pattern, with $1,749 in Chesapeake and $1,745 in Virginia Beach. Even the Cost of Living Index is nearly identical: 103.5 in Chesapeake versus 104.8 in Virginia Beach. In other words, day-to-day expenses don’t vary much between these two cities near Virginia Beach.
This means that your choice may come down more to lifestyle and location than affordability. For example, Virginia Beach offers direct coastal access and a lively boardwalk scene, while Chesapeake has a quieter, more suburban vibe with lots of natural spaces. Both benefit from mild Virginia Beach weather, with four distinct seasons and plenty of sunshine.
Give Off Load Moving a Call Today
Now that you understand the Chesapeake VA cost of living, it’s time to make your move. Off Load Moving is here to help you navigate the cost of living in Chesapeake VA by making your move seamless and stress-free. To discuss your move and get started with a free quote, call our Chesapeake movers at (757) 749-7212 today.
