Hanover, IN Profile: Facts & Data

The primary coordinate point for Hanover is located at latitude 38.7142 and longitude -85.4736 in Jefferson County. The formal boundaries for the Town of Hanover encompass a land area of 2.31 sq. miles and a water area of 0 sq. miles. Jefferson County is in the Eastern time zone (GMT -5). The elevation is 784 feet.

The Town of Hanover (GNIS ID: 2396984) has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

Hanover, IN Data & Demographics (As of July 1, 2020)

POPULATION
Total Population	3,622 (100%)
Population in Households	2,749 (75.9%)
Population in Families	2,135 (58.9%)
Population in Group Quarters¹	873 (24.1%)
Population Density	1,630
Diversity Index²	17


INCOME
Median Household Income	$42,541
Average Household Income	$53,684
% of Income for Mortgage⁴	10%
Per Capita Income	$17,840
Wealth Index⁵	42

HOUSING
Total HU (Housing Units)	1,278 (100%)
Owner Occupied HU	693 (54.2%)
Renter Occupied HU	401 (31.4%)
Vacant Housing Units	184 (14.4%)
Median Home Value	$103,836
Average Home Value	$122,006
Housing Affordability Index³	255

HOUSEHOLDS
Total Households	1,094
Average Household Size	2.51
Family Households	701
Average Family Size	3

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.

Hanover, IN - Peer Comparisons by Rank and Percentile

The table below compares Hanover to the other 679 incorporated cities, towns and CDPs in Indiana by rank and percentile using July 1, 2020 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2010-2020	2020-2025
Population	0.25%	0.02%
Households	0.23%	0.16%
Families	0.28%	0.0%
Median Household Income		0.9%
Per Capita Income		1.41%
Owner Occupied HU		0.06%

Variable Description	Rank	Percentile
Total Population	# 159	77th
Population Density	# 218	68th
Median Household Income	# 574	16th
Housing Affordability Index	# 300	44th
Per Capita Income	# 666	2nd
Diversity Index	# 206	70th

Hanover, IN Profile: Facts & Data

Hanover, Indiana - Basic Facts

Hanover, IN Data & Demographics (As of July 1, 2020)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Hanover, IN - Peer Comparisons by Rank and Percentile

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