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Affordable
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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 $470,147, higher than the Minnesota average of $345,793.
The average cost of rent is $1,513/mo in Hanover, primarily driven by the current value of real estate in the Hanover area. In Hanover, 6.09% of households rent, and 16.78% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Hanover is $13,143 per month. Households that rent pay about 11.51% of their income on rent here. Hanover’s most expensive areas are in the southeastern regions, while the cheapest areas are in the northeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- St. Michael, MN: less expensive homes
- Greenfield, MN: equally priced homes
- Loretto, MN: higher priced homes
- Rogers, MN: equally priced homes
- Albertville, MN: less expensive homes
- Rockford, MN: less expensive homes
- Corcoran, MN: higher priced homes
- Otsego, MN: less expensive homes
- Independence, MN: higher priced homes
- Buffalo, MN: less expensive homes
Cities with Similar Populations
- Hurstbourne, KY: higher priced homes
- Irrigon, OR: less expensive homes
- Iron River, MI: less expensive homes
- Swoyersville, PA: less expensive homes
- Indian Wells, CA: higher priced homes
- Indian Mountain Lake, PA: less expensive homes
- Indian Head Park, IL: equally priced homes
- Idyllwild-Pine Cove, CA: higher priced homes
- North Tazewell, VA: less expensive homes
- Hutchinson Island South, FL: less expensive homes
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