Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,713$20,556 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Chesapeake city, VA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Chesapeake city, VA
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $1,492 | $17,904 | $59,680 | $28.69/hr |
| 1-Bedroom Apartment | $1,512 | $18,144 | $60,480 | $29.08/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,713 | $20,556 | $68,520 | $32.94/hr |
| 3-Bedroom Home | $2,376 | $28,512 | $95,040 | $45.69/hr |
| 4-Bedroom Home | $2,797 | $33,564 | $111,880 | $53.79/hr |
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Frequently Asked Questions About Rent in Chesapeake city, VA
What is the Fair Market Rent for a 2-bedroom in Chesapeake city, VA?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Chesapeake city, VA is $1,713 per month ($20,556 per year).
What hourly wage is needed to afford rent in Chesapeake city, VA?
To comfortably afford a 2-bedroom apartment at $1,713/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $32.94 per hour ($68,520/year).
What are the HUD Fair Market Rents by bedroom count in Chesapeake city, VA?
Official 2026 HUD rents in Chesapeake city, VA are: Studio: $1,492/mo, 1-Bedroom: $1,512/mo, 2-Bedroom: $1,713/mo, 3-Bedroom: $2,376/mo, and 4-Bedroom: $2,797/mo.
How do HUD Fair Market Rents compare to local incomes in Chesapeake city, VA?
At the local Census ACS median household income of $95,373/year ($7,948/month), the benchmark 2-bedroom Fair Market Rent represents 21.6% of monthly income.
How is the 30% housing affordability standard calculated in Chesapeake city, VA?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,713/month, the required minimum annual gross income is calculated as ($1,713 × 12) ÷ 0.30 = $68,520 per year.