Hancock, MI
Population 4,510 · Michigan
About Hancock, MI
Hancock is a small town located in Michigan with a population of 4,510 residents according to the latest US Census Bureau American Community Survey data. The median household income is $55,278 per year, which is 26% below the national median of $75,149. The median age of 31.4 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Hancock features a median home value of $185,700, which is 24% below the national median of $244,900. This positions Hancock in a moderately priced market relative to the rest of the country. Median monthly rent is $740, 36% below the national average of $1,163/month. Of the 2,114 total housing units, 54% are owner-occupied (982 units) and 46% are renter-occupied (852 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Hancock shows an unemployment rate of 2.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 17.8%, above the national average of 12.4%. Workers in Hancock have an average one-way commute time of 11.7 minutes, one of the shorter commutes in the region.
Education & Demographics
45.8% of Hancock residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 1.0% White, 1.1% Hispanic or Latino, 0.1% Black or African American, and 0.1% Asian residents, with 4.2% of the population being foreign-born.
Cost of Living in Hancock, MI
Compared to national averages, Hancock has a median household income of $55,278 (26% below the national median of $75,149). Home values average $185,700, which is 24% below the national median. Monthly rent at $740 is 36% below the US average of $1,163. Within Michigan, Hancock's income is 16% below the state average of $66,017, and home values are 1% above the state median of $183,391.
Why Live in Hancock, MI?
Hancock offers affordable housing with a median home value of $185,700, below the US average of $244,900, and rent that’s lower than the national average at $740/month, and a strong job market with an unemployment rate of just 2.0%. Additionally, the city features a well-educated community where 45.8% of residents hold a bachelor’s degree or higher, and short commute times averaging just 11.7 minutes.
Potential considerations include median household income ($55,278) that falls below the national average. However, Hancock’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Hancock has a population of 4,510 with a median age of 31.4 years. Compare Hancock with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Hancock
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Dexter | 4,495 | $103,182 | $401,800 | Compare |
| Fremont | 4,532 | $57,000 | $169,500 | Compare |
| Wolverine Lake | 4,476 | $88,423 | $270,400 | Compare |
| Vandercook Lake | 4,434 | $52,337 | $125,800 | Compare |
| Wayland | 4,430 | $71,797 | $201,200 | Compare |
| Bloomfield Hills | 4,412 | $200,318 | $942,900 | Compare |
| Michigan Center | 4,623 | $68,114 | $159,500 | Compare |
| Negaunee | 4,641 | $70,483 | $156,400 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Hancock With Other Cities
Frequently Asked Questions about Hancock
What is the population of Hancock, MI?
The population of Hancock, MI is 4,510 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Michigan.
What is the median household income in Hancock?
The median household income in Hancock, MI is $55,278 per year, which is 26% below the national median of $75,149.
What is the median home value in Hancock?
The median home value in Hancock, MI is $185,700, which is 24% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Hancock?
The median monthly rent in Hancock, MI is $740, which is 36% below the national average of $1,163/month.
What is the unemployment rate in Hancock?
The unemployment rate in Hancock, MI is 2.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Hancock, MI a good place to live?
Hancock offers a moderate cost of living, affordable housing, and a strong job market. With a population of 4,510 and a median age of 31.4, the city appeals to young professionals and families.
How educated is Hancock, MI?
45.8% of residents in Hancock aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Hancock?
Key cost-of-living indicators for Hancock, MI: median home value is $185,700 (24% below national), median rent is $740/month, and median household income is $55,278. The home-value-to-income ratio is 3.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Hancock?
The poverty rate in Hancock, MI is 17.8%, 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 Hancock, MI?
Hancock's population is 1.0% White, 1.1% Hispanic or Latino, 0.1% Black or African American, 0.1% Asian, and 0.9% two or more races. 4.2% of residents are foreign-born.