CHESAPEAKE, VA — In Chesapeake, there are pros and cons to renting and buying, but making a decision like where to live, has proven to be more challenging because of how expensive the city is. Though it was not always that way according to residents like Craig Blackman.
Blackman said he has been a citizen of Chesapeake since the 90s, and since then he has seen a change or two in property affordability.
"When my wife and I, we moved here in 1996 homes were available and relatively more affordable," said Blackman. "I would say that things have definitely gotten more expensive."
Keke Goodman, who is also a citizen of Chesapeake, said she recently made the city her home after her grandfather died and passed down his house to her. Had he not given her the inheritance, Goodman said she does not think she would be able to afford to live in Chesapeake.
"It's already hard out here with inflation," explained Goodman. "To live out here you need to have some money to be comfortable."
Councilman Don Carey said Chesapeake might have the lowest taxes and fees in Hampton Roads, but at the same time the city's current housing situation is affecting young professionals, fixed income individuals and small families.
For example, Carey said a family home in Chesapeake could cost an average of $260,000, which does not include the high interest rates.
Members of Chesapeake City Council said renting a home or apartment is not any better because rent is high and the inventory in Chesapeake is limited. It is also not feasible for someone looking to immediately move because a unit may not be available by their move-in deadline.
Carey said Chesapeake has always been expensive, but it has been exacerbated by the current economy.
"Even though inflation has calmed down, it is still high," explained Carey. "The pricing of homes is also still high, and the interest rates for buying a home are as high as they have been since 2000."
Carey said it is hard to bring the price of homes down in Chesapeake without the help of other cities, which can take time. He said part of the solution is bringing in more inventory of homes.
"I believe some of these things can be fulfilled if developers were to develop in a by right zoning area which I don't think there are many of those right now," says Carey. "So it really is a decision that council has to make, and I hope we make it soon."
