Hanover, Minnesota (zip code 55341) is a small city located in the southwestern corner of the state. It's home to several large companies such as 3M, Target Corporation, and Kraft Heinz. The cost of living here is slightly lower than the U.S. average, with 2 bedroom rent currently at $1,240 compared to $1,430 nationally. Additionally, grocery costs here are slightly cheaper than other parts of the nation with an index of 103 versus 100 in the US. Overall, Hanover offers a relatively low cost of living along with many job opportunities from major corporations for its residents.
Hanover (zip 55341) has an unemployment rate of 4.5%. The US average is 6.0%.
Hanover (zip 55341) has seen the job market decrease by -3.5% 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 (zip 55341)
- The Sales Tax Rate for Hanover (zip 55341) is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Hanover (zip 55341) 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 (zip 55341)
- The average income of a Hanover (zip 55341) resident is $48,406 a year. The US average is $37,638 a year.
- The Median household income of a Hanover (zip 55341) resident is $126,184 a year. The US average is $69,021 a year.