The No. 10 Most Affordable Housing Market: Chesapeake, Virginia

If this city’s historic and naturally beautiful spots don’t entice you to move to Chesapeake, then the housing market might!

Many know Virginia for Jamestown, which was the first of the original thirteen colonies to be founded. Others may know the southeastern state for its hidden beauty found in nature.

But real estate agents know it for Chesapeake––currently one of the most affordable housing markets in the nation.
Chesapeake has been quite steady when it comes to the city’s housing market––no spikes or drops. But, why is that? According to real estate agent Janice Myers-Hollowell, “pricing has been influenced by military pay for decades and is a predominant driving factor” due to the high number of military bases that saturate the city––27 to be exact.
While some investors might argue that the Chesapeake and Virginia Beach area isn’t a good investment, it is in fact “stable enough for long-term return on investment,” making it one of the best places to invest in Virginia, according to Norada Real Estate Investments.
Currently, Chesapeake has a population of about 242,600, but Hollowell is confident that the city will expand and develop in the near future.
“Chesapeake has taken on a life of its own,” said Hollowell. “The industry grows every day and I’m constantly watching new roads being constructed and different areas of the city blossoming.”
Nothing beats having easy access to the beach, and Chesapeake gives you just that! Chic’s Beach, (or Chick’s Beach, depending on who you ask) is a go-to spot for Chesapeake residents. The two-mile stretch of beach is the perfect summer activity whether you’re splashing around in the water, getting your tan on or taking the boat out for a relaxing cocktail cruise.
“Many people, even those in Chesapeake, don’t realize how lucky they are to live so close to the water,” Hollowell said. “Having access to Chesapeake’s rivers and waterfronts is my favorite think about Chesapeake.”
Beach houses are very reasonably priced in Chesapeake compared to other states. Forget paying a million (or two) for a house on the water! Norada Real Estate Investments claims you can find a cozy home on the water for less than half a million. For example, these Chesapeake/Virginia Beach waterfront homes are well under a million dollars, whereas this California home comes at a hefty $27.5 million!
Apart from the beautiful bays that are lined throughout Chesapeake, the location is also prime for those who might want to travel. “We’re basically halfway between Florida and New York, so you have the option to roadtrip to either of those states,” Hollowell said. So, if you’re feeling like kicking it in Times Square for the weekend, you don’t have to worry about a 12-hour travel day.
If you’re a seafood zealot, then you’ll fit right in with Chesapeake. According to The Virginian Pilot, “for many, Chesapeake Bay translates to ‘mother of waters’ or ‘great shellfish bay’” because of the city’s impressive seafood production. Whether you’re craving blue crabs, clams, oysters or rockfish, you’re bound to find a savory seafood joint somewhere in town.
Who knows? You just might be calling Chesapeake your new home after being captured by the town’s historic vibes and witnessing its peaceful beaches.