Quick facts: Hancock, MI

Quick Facts

110.2
Cost of Living
above US average
4,502
Population
5.55
Crime Rate per 1000
below US average
$46,970
Median Income
below US average
$58,000
Median House Price
above US average
$1740.0
Average Rent
above US average
12%
Poverty Rate
above US average
3.7%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $46,970.

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Income Needed to Buy

βœ“ Affordable
$18k/year
Based on $58,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($46,970) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$75k/year
Based on $1740.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $75k vs median $46,970
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Hancock, MI

Hancock is a charming city located in the western part of Michigan's Upper Peninsula, nestled along the shores of the Keweenaw Waterway. It is part of Houghton County and is known for its rich history, particularly in copper mining, which shaped the region's development in the late 19th and early 20th centuries. The city's scenic beauty is highlighted by its proximity to the stunning nature of the Keweenaw Peninsula, with plenty of opportunities for outdoor activities such as hiking, biking, and snow sports. Hancock is also home to several parks and waterfront areas, offering picturesque views and recreational options. Culturally, Hancock is influenced by its Finnish heritage, exemplified through events like the HeikinpΓ€ivΓ€ festival, celebrating winter with food, music, and tradition. The city is also close to Michigan Technological University in nearby Houghton, contributing to a vibrant atmosphere with local eateries, shops, and a dynamic community. A blend of history, nature, and community spirit makes Hancock an appealing destination for residents and visitors alike.

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