Hanover, MN
Population 3,495 · Minnesota
About Hanover, MN
Hanover is a small town located in Minnesota with a population of 3,495 residents according to the latest US Census Bureau American Community Survey data. The median household income is $147,944 per year, which is 97% above the national median of $75,149. The median age of 37.6 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Hanover features a median home value of $421,700, which is 72% above the national median of $244,900. This places Hanover in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,806, 55% above the national average of $1,163/month. Of the 1,197 total housing units, 92% are owner-occupied (1,074 units) and 8% are renter-occupied (95 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Hanover shows an unemployment rate of 1.2%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 2.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Hanover have an average one-way commute time of 30.7 minutes.
Education & Demographics
47.8% of Hanover 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 0.5% White, 1.3% Hispanic or Latino, 0.0% Black or African American, and 0.2% Asian residents, with 1.9% of the population being foreign-born.
How Hanover Ranks in Minnesota
Cost of Living in Hanover, MN
Compared to national averages, Hanover has a median household income of $147,944 (97% above the national median of $75,149). Home values average $421,700, which is 72% above the national median. Monthly rent at $1,806 is 55% above the US average of $1,163. Within Minnesota, Hanover's income is 99% above the state average of $74,221, and home values are 106% above the state median of $204,472.
Why Live in Hanover, MN?
Hanover offers a strong local economy with a median household income of $147,944, well above the national average, and a strong job market with an unemployment rate of just 1.2%, and a well-educated community where 47.8% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 2.2%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $421,700. However, Hanover’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Hanover has a population of 3,495 with a median age of 37.6 years. Compare Hanover with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Hanover
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Plainview | 3,501 | $69,800 | $230,600 | Compare |
| Eveleth | 3,470 | $47,721 | $91,800 | Compare |
| Benson | 3,449 | $51,124 | $146,100 | Compare |
| Sleepy Eye | 3,438 | $64,811 | $138,500 | Compare |
| St. Augusta | 3,576 | $116,384 | $323,400 | Compare |
| Perham | 3,577 | $47,088 | $186,000 | Compare |
| Two Harbors | 3,598 | $62,885 | $187,100 | Compare |
| Melrose | 3,608 | $58,107 | $198,300 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Hanover With Other Cities
Frequently Asked Questions about Hanover
What is the population of Hanover, MN?
The population of Hanover, MN is 3,495 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Minnesota.
What is the median household income in Hanover?
The median household income in Hanover, MN is $147,944 per year, which is 97% above the national median of $75,149.
What is the median home value in Hanover?
The median home value in Hanover, MN is $421,700, which is 72% above 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, MN is $1,806, which is 55% above the national average of $1,163/month.
What is the unemployment rate in Hanover?
The unemployment rate in Hanover, MN is 1.2%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Hanover, MN a good place to live?
Hanover offers above-average incomes, a competitive housing market, and a strong job market. With a population of 3,495 and a median age of 37.6, the city appeals to a broad range of residents.
How educated is Hanover, MN?
47.8% of residents in Hanover 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 Hanover?
Key cost-of-living indicators for Hanover, MN: median home value is $421,700 (72% above national), median rent is $1,806/month, and median household income is $147,944. The home-value-to-income ratio is 2.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Hanover?
The poverty rate in Hanover, MN is 2.2%, 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, MN?
Hanover's population is 0.5% White, 1.3% Hispanic or Latino, 0.0% Black or African American, 0.2% Asian, and 0.0% two or more races. 1.9% of residents are foreign-born.