Chicago - IL vs Virginia Beach - VA: 2026 Housing Comparison

What this means for buyers

Virginia Beach - VA is roughly 4% more expensive than Chicago - IL in typical home value. Homes sit on market longer in Virginia Beach - VA (30 days vs 14), suggesting more buyer leverage there.

Chicago vs Virginia Beach: what the numbers say

At today's 7.32% average 30-year rate with 20% down, the typical home would cost about $1,954 a month in principal and interest in Chicago and $2,040 in Virginia Beach, a gap of $85 a month.

Typical rent runs $2,163 in Chicago and $1,886 in Virginia Beach, so the mortgage payment alone is 0.9 times rent in Chicago and 1.1 times rent in Virginia Beach, before taxes and insurance.

Home prices are 13.7 years of rent in Chicago and 16.4 in Virginia Beach; the lower ratio in Chicago means buying there is cheaper relative to renting.

Over the last 23 months typical values moved +8.3% in Chicago and +4.3% in Virginia Beach; over just the last three months the change was +1.5% in Chicago and +0.9% in Virginia Beach.

Homes sell for 100.5% of list price in Chicago and 99.8% in Virginia Beach, after 14 and 30 days on the market, with price cuts on 28% and 26% of listings. The signs are mixed: Chicago has more price cuts, while Virginia Beach has longer time on the market and sales further below list.

The number of homes for sale is up 1% on a year ago in Chicago and up 6% on a year ago in Virginia Beach.

Payments assume a 30-year fixed loan at the Freddie Mac weekly average rate (2026-10-22), 20% down, principal and interest only. Home values, rents and market figures are Zillow Research metro data.