Hanover, MI
Population 413 · Michigan
About Hanover, MI
Hanover is a small community located in Michigan with a population of 413 residents according to the latest US Census Bureau American Community Survey data. The median household income is $68,333 per year, which is 9% below the national median of $75,149. The median age of 33.2 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 Hanover features a median home value of $142,700, which is 42% 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 $938, 19% below the national average of $1,163/month. Of the 173 total housing units, 68% are owner-occupied (112 units) and 32% are renter-occupied (52 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Hanover shows an unemployment rate of 3.4%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 10.4%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Hanover have an average one-way commute time of 22.9 minutes.
Education & Demographics
9.5% 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 4.1% White, 1.5% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Hanover, MI
Compared to national averages, Hanover has a median household income of $68,333 (9% below the national median of $75,149). Home values average $142,700, which is 42% below the national median. Monthly rent at $938 is 19% below the US average of $1,163. Within Michigan, Hanover's income is 4% above the state average of $66,017, and home values are 22% below the state median of $183,391.
Why Live in Hanover, MI?
Hanover offers affordable housing with a median home value of $142,700, below the US average of $244,900, and rent that’s lower than the national average at $938/month, and a strong job market with an unemployment rate of just 3.4%. Additionally, the city features a low poverty rate of 10.4%, better than the national average, and short commute times averaging just 22.9 minutes.
Potential considerations include median household income ($68,333) 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 413 with a median age of 33.2 years. Compare Hanover with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Hanover
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Northport | 413 | $71,250 | $243,100 | Compare |
| Mesick | 416 | $31,250 | $77,900 | Compare |
| Palo | 409 | $34,403 | $92,600 | Compare |
| Hubbardston | 418 | $61,667 | $121,400 | Compare |
| Carp Lake | 407 | $27,318 | $170,800 | Compare |
| Lost Lake Woods | 407 | $69,375 | $172,000 | Compare |
| Estral Beach | 406 | $63,462 | $207,900 | Compare |
| Barryton | 405 | $47,857 | $77,900 | 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.
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Frequently Asked Questions about Hanover
What is the population of Hanover, MI?
The population of Hanover, MI is 413 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Michigan.
What is the median household income in Hanover?
The median household income in Hanover, MI is $68,333 per year, which is 9% below the national median of $75,149.
What is the median home value in Hanover?
The median home value in Hanover, MI is $142,700, which is 42% 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, MI is $938, which is 19% below the national average of $1,163/month.
What is the unemployment rate in Hanover?
The unemployment rate in Hanover, MI is 3.4%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Hanover, MI a good place to live?
Hanover offers a moderate cost of living, affordable housing, and a strong job market. With a population of 413 and a median age of 33.2, the city appeals to young professionals and families.
How educated is Hanover, MI?
9.5% 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, MI: median home value is $142,700 (42% below national), median rent is $938/month, and median household income is $68,333. The home-value-to-income ratio is 2.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Hanover?
The poverty rate in Hanover, MI is 10.4%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Hanover, MI?
Hanover's population is 4.1% White, 1.5% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 5.6% two or more races. 0.0% of residents are foreign-born.