Hanover, MN is a small city located in Hennepin County with a population of about 6,000 people. The cost of rent for a 2 bedroom apartment in Hanover is significantly lower than the US average at $1,200 versus $1,430 respectively. Additionally, grocery costs are also slightly lower than average at 103 versus 100 in the US. Local businesses in Hanover include popular chain stores such as Walmart and Target, but also local shops such as the Northstar Bakery and Hanover Hardware Store. There are plenty of options for those looking to shop around locally or who simply want to patronize their home town businesses. In comparison to other cities across the country, Hanover stands out for its affordable living costs making it an attractive option for potential residents alike.
Hanover has an unemployment rate of 4.5%. The US average is 6.0%.
Hanover has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 36.1%, which is higher than the US average of 33.5%.
Tax Rates for Hanover
- The Sales Tax Rate for Hanover is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Hanover is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Hanover
- The average income of a Hanover resident is $36,778 a year. The US average is $28,555 a year.
- The Median household income of a Hanover resident is $126,184 a year. The US average is $69,021 a year.