The typical owner-occupied home in Hanover is worth about $842,600, 2.1 times the New Hampshire median of $402,500 and 2.5 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.19% of their home's value, lower than the New Hampshire rate of 1.66%. The median household earns $153,281 a year, so the median home costs 5.5 times the median income (4.1 times for New Hampshire). 62% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Hanover at a glance
| Hanover | New Hampshire | U.S. | |
|---|---|---|---|
| Median home value | $842,600 | $402,500 | $332,700 |
| Median property tax paid per year | $10,001 | $6,667 | $3,119 |
| Property tax as a share of value | 1.19% | 1.66% | 0.94% |
| Median household income | $153,281 | $99,031 | $80,734 |
| Homes lived in by their owners | 62% | 73% | 65% |
| Owner homes with a mortgage | 56% | 62% | 61% |
| Median monthly costs, owners with a mortgage | $3,924 | $2,367 | $1,963 |
| Those costs as a share of the owners' income | 19.3% | 21.9% | 21.0% |
| Median rent | $2,254 | $1,491 | $1,413 |
| Rent as a share of renters' income | 43.4% | 29.4% | 30.6% |
| Median year homes were built | 1974 | 1979 | 1980 |
| Vacant homes | 17.0% | 14.3% | 10.1% |
| Population | 8,479 | 1,394,868 | 334,922,499 |
What a typical home costs per month in Hanover
At this week's average 30-year rate of 7.11%, buying the median Hanover home of $842,600 with 20% down costs about $5,721 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $7,260, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $245,196 for the 20%-down payment. That payment is 45% of the median Hanover household income of $153,281; at that income and 20% down, the 28% guideline points to a home of about $527,000.
The median rent here is $2,254 a month, so owning the median home costs about $3,467 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $168,520 |
|---|---|
| Loan amount | $674,080 |
| Principal and interest | $4,535 |
| Property taxes (1.19% a year) | $836 |
| Homeowners insurance (our estimate, 0.5% a year) | $351 |
| PMI | $0 |
| Total per month | $5,721 |
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| Down payment | $29,491 |
|---|---|
| Loan amount | $827,338 |
| Principal and interest | $5,566 |
| Property taxes (1.19% a year) | $836 |
| Homeowners insurance (our estimate, 0.5% a year) | $351 |
| FHA mortgage insurance | $508 |
| Total per month | $7,260 |
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Questions about home buying in Hanover
What is the median home value in Hanover?
About $842,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Hanover?
Homeowners pay a median $10,001 a year, which is about 1.19% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Hanover?
For the median home with 20% down at 7.11%, the payment is about $5,721 a month. Keeping that under 28% of gross income takes about $245,196 a year.
More about Hanover
- Mortgage Refinance in Hanover
- Debt Relief in Hanover
- Home Equity Loans in Hanover
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data