Calculate using real Chesapeake data. Median home price: $340,000. Property tax rate: 0.9%.
With the median household income of $80,162 in Chesapeake, VA, following the 28% rule, you could afford a monthly payment of about $1,870.
The cost of living index in Chesapeake, VA is 100 (national average = 100). A home at the median price of $340,000 would require roughly 4.2x the median income.
A conventional 20% down payment on the median Chesapeake, VA home ($340,000) would be $68,000. FHA loans may require as little as 3.5% ($11,900).