Hanover, IL
Population 847 · Illinois
About Hanover, IL
Hanover is a small community located in Illinois with a population of 847 residents according to the latest US Census Bureau American Community Survey data. The median household income is $39,583 per year, which is 47% below the national median of $75,149. The median age of 50.9 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Hanover features a median home value of $86,200, which is 65% below the national median of $244,900. This makes Hanover one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $751, 35% below the national average of $1,163/month. Of the 459 total housing units, 65% are owner-occupied (276 units) and 35% are renter-occupied (146 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Hanover shows an unemployment rate of 7.1%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 22.6%, above the national average of 12.4%. Workers in Hanover have an average one-way commute time of 30.6 minutes.
Education & Demographics
9.0% of Hanover residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 7.6% White, 4.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 1.5% of the population being foreign-born.
Cost of Living in Hanover, IL
Compared to national averages, Hanover has a median household income of $39,583 (47% below the national median of $75,149). Home values average $86,200, which is 65% below the national median. Monthly rent at $751 is 35% below the US average of $1,163. Within Illinois, Hanover's income is 47% below the state average of $75,072, and home values are 48% below the state median of $165,779.
Why Live in Hanover, IL?
Hanover offers affordable housing with a median home value of $86,200, below the US average of $244,900, and rent that’s lower than the national average at $751/month.
Potential considerations include median household income ($39,583) that falls below the national average. However, Hanover’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Hanover has a population of 847 with a median age of 50.9 years. Compare Hanover with other cities to see how it stacks up, or explore all cities in Illinois.
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Cities in Illinois with a similar population size.
Demographics
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Economy & Education
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Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Hanover
What is the population of Hanover, IL?
The population of Hanover, IL is 847 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Illinois.
What is the median household income in Hanover?
The median household income in Hanover, IL is $39,583 per year, which is 47% below the national median of $75,149.
What is the median home value in Hanover?
The median home value in Hanover, IL is $86,200, which is 65% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Hanover?
The median monthly rent in Hanover, IL is $751, which is 35% below the national average of $1,163/month.
What is the unemployment rate in Hanover?
The unemployment rate in Hanover, IL is 7.1%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Hanover, IL a good place to live?
Hanover offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 847 and a median age of 50.9, the city appeals to established professionals and retirees.
How educated is Hanover, IL?
9.0% of residents in Hanover aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Hanover?
Key cost-of-living indicators for Hanover, IL: median home value is $86,200 (65% below national), median rent is $751/month, and median household income is $39,583. The home-value-to-income ratio is 2.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Hanover?
The poverty rate in Hanover, IL is 22.6%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Hanover, IL?
Hanover's population is 7.6% White, 4.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 4.5% two or more races. 1.5% of residents are foreign-born.