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These days, finding an affordable place to live in the Hanover area can be challenging. Home prices in Hanover are now at a median cost of $229,526, lower than the Michigan average of $250,415.
The average cost of rent is $960/mo in Hanover, primarily driven by the current value of real estate in the Hanover area. In Hanover, 9.64% of households rent, and 54.51% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Hanover is $7,439 per month. Households that rent pay about 12.91% of their income on rent here. Hanover’s most expensive areas are in the central regions, while the cheapest areas are in the southwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Moscow, MI: less expensive homes
- Horton, MI: equally priced homes
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- Jerome, MI: higher priced homes
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- Spring Arbor, MI: less expensive homes
- Jonesville, MI: less expensive homes
- Somerset Center, MI: equally priced homes
- North Adams, MI: less expensive homes
- Sandstone, MI: equally priced homes
Cities with Similar Populations
- Albertson, NC: less expensive homes
- Sharpsburg, NC: less expensive homes
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- Enterprise, UT: higher priced homes
- Elysian Fields, TX: less expensive homes
- Sterling, OH: equally priced homes
- Candia, NH: higher priced homes
- Swoope, VA: higher priced homes
- Teachey, NC: equally priced homes
- Three Rivers, TX: less expensive homes
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