Cost of Living in Hanover, MI
Housing
The housing market plays a significant role in determining the cost of living in Hanover, MI.
- Housing Index: 85.0 / 100
- Median Home Price is: $197500
- Average Rent (2 BR Apartment): $1200 per month
- Average Rent (2 BR House): $1360 per month
When considering a move to Hanover, MI, the current data indicates a housing index of 85.0, suggesting affordability compared to the national average. With a median home price of 197500, aspiring homeowners may find even better long-term investment potential. Renting could also be viable, especially with average rent for a 2BR apartment set at 1200 and for a 2BR house at 1360. It's important to weigh renting against buying to align with your lifestyle preferences and financial goals, as well as the benefits of settling in a community with potential for appreciation.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Hanover, MI.
- Electricity Price: $19.88 USD (median by state)
- Natural Gas Price: $15.42 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $220 per month
Living in Hanover, MI could entail higher utility costs. Electricity costs sit at $19.88, while natural gas is priced at $15.42 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $220 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Hanover is a financially viable option for your relocation.