| Index | Chesapeake | Virginia | National |
| Cost of living | 119 | 111 | 100 |
| Groceries | 102 | 103 | 100 |
| Health care | 103 | 103 | 100 |
| Housing | 151 | 129 | 100 |
| Transportation | 106 | 105 | 100 |
| Utilities | 104 | 104 | 100 |
| Lifestyle & Entertainment | 104 | 103 | 100 |
| Household Items | 106 | 102 | 100 |
| Education & Childcare | 114 | 109 | 100 |
The cost of living in Chesapeake affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Chesapeake is 119, which is 19% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Housing costs are a major factor in the Chesapeake cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 51.1% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
When it comes to knowing a city, its residents are the experts. We conducted a survey with 17 locals to understand their opinions on the cost of living in Chesapeake. The results indicated that 71% found it reasonably priced with decreasing prices of goods and services, while 29% viewed it as quite expensive, with increasing prices.
Is Chesapeake affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Chesapeake, for instance, where the median home price falls 57.8% higher than the national average, and monthly rent rates are 35.5% higher than usual. Additionally, median income levels contribute to the equation, with Chesapeake flaunting a median household income of $120,568, 48.2% higher than the national norm.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Chesapeake, the general sales tax rate starts at 5.3%, and income tax rates begin at 2%.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Chesapeake, the utilities index registers at 4.1% higher than the national average.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
The Chesapeake cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $147,051 | $12,254 | $3,431 | $4,412 |
| Renters | $68,646 | $5,721 | $1,602 | $2,060 |
| State | General Sales Tax | With Max Surtax |
| Virginia | 5.3% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Virginia | 2% | 5.75% |
| City | Population | Cost of Living Index | National Avg. |
| Portsmouth, VA | 98,194 | 104 | 3.5% |
| Norfolk, VA | 250,142 | 109 | 9.3% |
| Chesapeake, VA | 251,202 | 119 | 18.8% |
| City | Population | Cost of Living Index | National Avg. |
| Norfolk, VA | 250,142 | 109 | 9.3% |
| Longueuil, QC | 249,920 | n/a | |
| Irving, TX | 248,458 | 103 | 3.5% |
| Winston-Salem, NC | 255,400 | 94 | 5.7% |
| Gilbert, AZ | 255,869 | 128 | 28.4% |
| Chesapeake, VA | 251,202 | 119 | 18.8% |
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