Cost of Living in Hanover, OH

With a cost of living index of 78, Hanover, OH is a very affordable place to live. Living here is 22% cheaper than the national average and in line with the Ohio state average. Hanover is a small community of 1,183 residents.

Housing costs are the biggest factor in Hanover's cost of living. The median monthly rent is $900 (32% below the US median of $1,319), and the median home value sits at $220,500 (28% below the national median of $304,900). At current prices, the median home costs roughly 2.6x the median household income — well within traditional affordability guidelines.

The median household income in Hanover is $84,115, which is 12% higher 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.

Climate is another factor for anyone considering a move to Hanover. The area sees an average annual temperature of 53.2°F, with summers averaging 73°F and winters around 32°F. Annual rainfall totals 38.8 inches spread over roughly 146 days.

Everyday prices in the Columbus, OH (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.