Cost of Living in Hancock, MN

With a cost of living index of 63, Hancock, MN is one of the most affordable cities in the country. Living here is 37% cheaper than the national average and 20% below the Minnesota state average of 82. Hancock is a small community of 816 residents.

Housing costs are the biggest factor in Hancock's cost of living. The median monthly rent is $738 (44% below the US median of $1,319), and the median home value sits at $79,600 (74% below the national median of $304,900). At current prices, the median home costs roughly 1.1x the median household income — well within traditional affordability guidelines.

The median household income in Hancock is $69,712, which is 7% lower than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Hancock. The area sees an average annual temperature of 42.5°F, with summers averaging 68°F and winters around 14°F. Annual rainfall totals 24.1 inches spread over roughly 92 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.