Hanover, NM
Population 276 · New Mexico
About Hanover, NM
Hanover is a small community located in New Mexico with a population of 276 residents according to the latest US Census Bureau American Community Survey data. The median household income is $32,194 per year, which is 57% below the national median of $75,149. The median age of 31.9 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 $95,400, which is 61% 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 $0, 100% below the national average of $1,163/month. Of the 103 total housing units, 100% are owner-occupied (103 units) and 0% are renter-occupied (0 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Hanover shows an unemployment rate of 0.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 4.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Hanover have an average one-way commute time of 0 minutes, one of the shorter commutes in the region.
Education & Demographics
0.0% 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 11.6% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 33.0% Asian residents, with 0.0% of the population being foreign-born.
Cost of Living in Hanover, NM
Compared to national averages, Hanover has a median household income of $32,194 (57% below the national median of $75,149). Home values average $95,400, which is 61% below the national median. Monthly rent at $0 is 100% below the US average of $1,163. Within New Mexico, Hanover's income is 52% below the state average of $67,435, and home values are 59% below the state median of $233,762.
Why Live in Hanover, NM?
Hanover offers affordable housing with a median home value of $95,400, below the US average of $244,900, and rent that’s lower than the national average at $0/month, and a strong job market with an unemployment rate of just 0.0%. Additionally, the city features a low poverty rate of 4.3%, better than the national average, and short commute times averaging just 0 minutes.
Potential considerations include median household income ($32,194) 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 276 with a median age of 31.9 years. Compare Hanover with other cities to see how it stacks up, or explore all cities in New Mexico.
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Demographics
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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, NM?
The population of Hanover, NM is 276 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in New Mexico.
What is the median household income in Hanover?
The median household income in Hanover, NM is $32,194 per year, which is 57% below the national median of $75,149.
What is the median home value in Hanover?
The median home value in Hanover, NM is $95,400, which is 61% 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, NM is $0, which is 100% below the national average of $1,163/month.
What is the unemployment rate in Hanover?
The unemployment rate in Hanover, NM is 0.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Hanover, NM a good place to live?
Hanover offers a moderate cost of living, affordable housing, and a strong job market. With a population of 276 and a median age of 31.9, the city appeals to young professionals and families.
How educated is Hanover, NM?
0.0% 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, NM: median home value is $95,400 (61% below national), median rent is $0/month, and median household income is $32,194. The home-value-to-income ratio is 3.0x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Hanover?
The poverty rate in Hanover, NM is 4.3%, 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, NM?
Hanover's population is 11.6% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 33.0% Asian, and 0.0% two or more races. 0.0% of residents are foreign-born.