Median Home Price
$409,594.98
Median Rent
$2,084.02/mo
Price-to-Rent Ratio
16.4
Property Tax RateTIE
0.82%
Price Change (1Y)BETTER
+3.0%
Price Change (5Y)BETTER
+15.0%
Break-Even YearsTIE
N/A
10-Year Wealth Difference
$125,641
Median Home PriceBETTER
$284,020.02
Median RentBETTER
$1,556.55/mo
Price-to-Rent RatioBETTER
15.2
Property Tax RateTIE
0.82%
Price Change (1Y)
+1.2%
Price Change (5Y)
+6.2%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$122,470
Key Differences
Home Prices
Chesapeake's median home price of $409,594.98 is higher than Newport News's $284,020.02 by 44%.
Monthly Rent
Renting in Chesapeake costs $2,084.02/mo compared to $1,556.55/mo in Newport News—a difference of $527.47/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.