Cost of Living in Hanover, NM
Population: 276 | New Mexico
Hanover is 20% less expensive than the national average.
Cost of Living in Hanover, NM: What You Need to Know
With a cost of living index of 80, Hanover, NM is a very affordable place to live. Living here is 20% cheaper than the national average and 6% below the New Mexico state average of 86. Hanover is a small community of 276 residents.
The median household income in Hanover is $32,194, which is 57% lower than the national median of $75,149. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.
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.
Income
- Median Household Income
- $32,194
- vs US Median ($75,149)
- -57%
Housing
- Median Home Value
- $95,400