Cost of Living in Hanover, NH

With a cost of living index of 158, Hanover, NH is one of the most expensive cities in the United States. Living here is 58% more expensive than the national average and 57% above the New Hampshire state average of 102. Hanover is a smaller community of 8,520 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Hanover's cost of living. The median monthly rent is $2,132 (62% above the US median of $1,319), and the median home value sits at $682,100 (124% above the national median of $304,900). At current prices, the median home costs roughly 5x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Hanover is $135,250, which is 80% higher than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Hanover. The area sees an average annual temperature of 46°F, with summers averaging 68°F and winters around 23°F. Annual rainfall totals 38.1 inches spread over roughly 150 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.