Living in Hanover, New Jersey
Cost of living, income, home prices, rent and demographics of Hanover · Census data 2020–2024
Hanover has 14,769 residents with a median age of 48. The median household income is $156,956 (52% higher than the New Jersey median), the median home value is $629,600, the median rent is $2,813/month.
Hanover at a glance
- Population
- 14,769
- Median age
- 48State: 40.1
- Median household income
- $156,956State: $103,556
- Median home value
- $629,600State: $454,400
- Median rent
- $2,813/moState: $1,720
- Homeowners
- 79%
- Bachelor's degree or higher
- 56.3%
- Average commute
- 24 min
Is Hanover a good place to live?
Pros: Median household income 52% higher than the New Jersey median; an average commute of 24 minutes; unemployment of 2.6%; a poverty rate of 3.2%.
Cons: Home values 39% higher than the state median.
The weather is best in May–June and August–September.
Cost of living in Hanover
Housing is the biggest part of the cost of living. In Hanover the median home value is $629,600, 89% higher than the U.S. median. Renters pay a median of $2,813 per month, which is 28.8% of household income. Homeowners with a mortgage pay $2,947 a month in housing costs.
Hanover median household income
The median household income in Hanover is $156,956 and the income per person is $74,541. 3.2% of residents live below the poverty line (New Jersey: 9.7%).
Housing in Hanover: homes for sale and rent
- Housing units
- 5,902
- Owner-occupied
- 79%
- Renter-occupied
- 21%
- Vacant
- 1.1%Includes seasonal homes
- Median year built
- 1976
- Average household size
- 2.50
Hanover demographics
- Population
- 14,769
- Median age
- 48
- Under 18
- 18.4%
- 65 and older
- 20.9%
- Households
- 5,835
- Foreign-born
- 21.2%
- Veterans
- 2.5%Adults 18+
Hispanic or Latino can be of any race. Population history of Hanover ›
Education in Hanover
56.3% of adults 25 and older in Hanover have a bachelor's degree or higher (New Jersey: 43.6%), and 25.7% have a graduate or professional degree.
Jobs and commute in Hanover
- Unemployment rate
- 2.6%State: 6.3%
- Average commute
- 24 minState: 31 min
- Work from home
- 24.4%
- Drive alone
- 66.3%
- Public transit
- 1.2%
- Walk to work
- 0.2%
- Homes with broadband
- 96.6%
Hanover vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Hanover | 14,769 | $156,956 | $629,600 | $2,813 |
| Whippany | 8,970 | $151,420 | $615,400 | $2,556 |
| Cedar Knolls | 4,882 | $170,400 | $646,700 | $2,849 |
| Troy Hills | 5,179 | $183,707 | $650,500 | $3,108 |
| Morris Plains | 6,315 | $154,923 | $643,300 | $2,835 |
| Parsippany-Troy Hills | 56,397 | $112,327 | $536,200 | $1,736 |
| Morristown | 20,453 | $121,340 | $567,600 | $2,274 |
| Parsippany | 21,345 | $99,405 | $555,400 | $1,742 |
| East Hanover | 11,152 | $149,583 | $702,800 | $2,711 |
More for people moving to Hanover
Hanover ZIP code ›Weather and climate ›Living in Hanover: FAQ
What is the median household income in Hanover, NJ?
The median household income in Hanover is $156,956, 52% higher than the New Jersey median of $103,556 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Hanover?
The median home value in Hanover is $629,600, compared with $454,400 in New Jersey.
How much is rent in Hanover?
The median gross rent in Hanover is $2,813 per month, about 28.8% of household income.
Is Hanover, NJ a good place to live?
Pluses: median household income 52% higher than the New Jersey median; an average commute of 24 minutes; unemployment of 2.6%; a poverty rate of 3.2%. Minuses: home values 39% higher than the state median.
What is the median age in Hanover?
The median age in Hanover is 48 years (New Jersey: 40.1).
How long is the commute in Hanover?
The average commute to work in Hanover is 24 minutes; 24.4% of workers work from home.
What is the unemployment rate in Hanover?
The unemployment rate in Hanover is 2.6% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Hanover?
56.3% of adults in Hanover have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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