Quick facts: Hanover, MI

Quick Facts

94.9
Cost of Living
below US average
474
Population
31.65
Crime Rate per 1000
above US average
$65,250
Median Income
below US average
$320,000
Median House Price
above US average
$1435
Average Rent
above US average
10%
Poverty Rate
below US average
3.5%
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 $65,250.

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Income Needed to Buy

βœ— Stretch
$100k/year
Based on $320,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $100k vs median $65,250
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Income Needed to Rent

βœ“ Affordable
$61k/year
Based on $1435/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($65,250) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Hanover, MI

Hanover is a small village located in Jackson County, Michigan, known for its quaint charm and rural atmosphere. With a population of just over 1,000 residents, this tight-knit community offers a peaceful lifestyle away from the hustle and bustle of larger cities. The village is marked by friendly neighbors, local businesses, and beautiful landscapes, including picturesque parks and recreational areas. History plays a significant role in Hanover, which was founded in the mid-1800s and has retained much of its historical character. Residents enjoy easy access to outdoor activities, including hiking, fishing, and camping in the surrounding natural areas. The village hosts several community events throughout the year, fostering a sense of belonging among its inhabitants. Hanover's location provides convenient access to nearby cities such as Jackson and Hillsdale, which offer additional amenities, shopping, and dining options. With its blend of small-town charm and proximity to urban conveniences, Hanover is an appealing place for those seeking a quieter lifestyle in a close-knit community.

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