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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 $455,598, higher than the Virginia average of $443,089.
The average cost of rent is $1,383/mo in Hanover, primarily driven by the current value of real estate in the Hanover area. In Hanover, 6.51% of households rent, and 30.50% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Hanover is $10,081 per month. Households that rent pay about 13.72% of their income on rent here. Hanover’s most expensive areas are in the central regions, while the cheapest areas are in the northwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Crosses Corner, VA: higher priced homes
- Studley, VA: higher priced homes
- Etna Mills, VA: less expensive homes
- Taylorsville, VA: less expensive homes
- Mangohick, VA: less expensive homes
- Lorne, VA: less expensive homes
- Ashland, VA: less expensive homes
- Keith, VA: less expensive homes
- Poindexters, VA: less expensive homes
- Doswell, VA: equally priced homes
Cities with Similar Populations
- Astatula, FL: less expensive homes
- Port Murray, NJ: equally priced homes
- Butler, GA: less expensive homes
- Byrnes Mill, MO: less expensive homes
- Canadian, TX: less expensive homes
- Jasonville, IN: less expensive homes
- L'Anse, MI: less expensive homes
- Keenesburg, CO: higher priced homes
- Coward, SC: less expensive homes
- Farmington, IL: less expensive homes
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