Cambridge, MN vs Hanover, MN

There is a significant gap in the cost of living between these two cities. Cambridge is 26% cheaper than Hanover. With a cost index of 93 vs 126, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Cambridge to Hanover should plan for substantially higher expenses across most categories.

On the housing front, median rent in Cambridge is $1,232/month compared to $1,806/month in Hanover — a 32% difference. Home values follow the same pattern: Cambridge is more affordable at $234,800 median vs $421,700.

Median household income in Cambridge is $67,632 compared to $147,944 in Hanover (-54.3%). While Hanover is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Cambridge spend roughly 21.9% of their income on rent, more than the 14.6% in Hanover.