Cost of Living in Chesapeake, WV

With a cost of living index of 68, Chesapeake, WV is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 6% below the West Virginia state average of 73. Chesapeake is a small community of 1,615 residents.

Housing costs are the biggest factor in Chesapeake's cost of living. The median monthly rent is $979 (26% below the US median of $1,319), and the median home value sits at $83,100 (73% below the national median of $304,900). At current prices, the median home costs roughly 1.4x the median household income — well within traditional affordability guidelines.

The median household income in Chesapeake is $60,526, which is 19% lower than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Chesapeake. The area sees an average annual temperature of 56.2°F, with summers averaging 74°F and winters around 37°F. Annual rainfall totals 46.2 inches spread over roughly 151 days.

Everyday prices in the Charleston, WV (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.