Key Economic Benchmarks
Median Household Income
$95,373$7,948 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Chesapeake city, VA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Chesapeake city, VA
Official FY2026 HUD Fair Market Rents for Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,492 | $17,904 | $59,680 | 18.8% |
| 1-Bedroom Apartment | $1,512 | $18,144 | $60,480 | 19% |
| 2-Bedroom ApartmentBenchmark | $1,713 | $20,556 | $68,520 | 21.6% |
| 3-Bedroom Home | $2,376 | $28,512 | $95,040 | 29.9% |
| 4-Bedroom Home | $2,797 | $33,564 | $111,880 | 35.2% |
50/30/20 Living Budget in Chesapeake city, VA
Based on the local median household income of $95,373/year ($7,948/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Virginia
Explore net income after federal income tax, FICA, and Virginia state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Virginia with official federal datasets:
Frequently Asked Questions About Living in Chesapeake city, VA
What is the median household income in Chesapeake city, VA?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Chesapeake city, VA is $95,373 per year (approximately $7,948 per month).
What is the average rent in Chesapeake city, VA?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Chesapeake city, VA are $1,492 for a studio, $1,512 for 1 bedroom, $1,713 for 2 bedrooms, $2,376 for 3 bedrooms, and $2,797 for 4 bedrooms.
How does the cost of living in Chesapeake city, VA compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Chesapeake city, VA is 97.9 (2.1% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Chesapeake city, VA?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,713/month) in Chesapeake city, VA requires a minimum gross household income of $68,520 per year ($5,710 per month).
What is a balanced 50/30/20 monthly budget in Chesapeake city, VA?
For a typical household earning the median income of $95,373/year ($7,948/month) in Chesapeake city, VA, a balanced 50/30/20 budget allocates $3,974/month to essential needs (rent, utilities, groceries), $2,384/month to discretionary spending, and $1,590/month to savings and debt repayment.
What are typical electricity and utility costs in Chesapeake city, VA?
Residential electricity rates in Virginia average 17.2¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $155 per month.