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Hanover, IN Profile: Facts & Data

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Hanover, Indiana - Basic Facts

The Town of Hanover had a population of 3,663 as of July 1, 2022. Hanover ranks in the upper quartile for Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Indiana. See peer rankings below.

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 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.

The Town of Hanover is located within Township of Hanover, a minor civil division (MCD) of Jefferson County.


Jump to... (On This Page!)
  1. Hanover 2022 Demographic Data
  2. Growth Rates for Hanover (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Indiana Research Tools (Easy Tools & Current Data)
  3. Indiana Data Comparison Tool - 2022 Demographics
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Hanover, IN Data & Demographics (As of July 1, 2022)

POPULATION

Total Population 3,663 (100%)
Population in Households 2,748 (75.0%)
Population in Families 2,125 (58.0%)
Population in Group Quarters1 915 (25.0%)
Population Density 1,649
Diversity Index2 31
 
 

INCOME

Median Household Income $52,055
Average Household Income $67,126
% of Income for Mortgage4 14%
Per Capita Income $21,310
Wealth Index5 45
 

HOUSING

Total HU (Housing Units) 1,202 (100%)
Owner Occupied HU 674 (56.1%)
Renter Occupied HU 414 (34.4%)
Vacant Housing Units 114 ( 9.5%)
Median Home Value $139,904
Average Home Value $159,510
Housing Affordability Index3 186
 

HOUSEHOLDS

Total Households 1,088
Average Household Size 2.53
Family Households 682
Average Family Size 3.00
NOTES
  1. 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.
  2. 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.
  3. 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.
  4. 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).
  5. 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.

GROWTH RATE / YEAR

 2020-2022 2022-2027
Population -0.96% 0.08%
Households 0.37% 0.16%
Families   0.06%
Median Household Income   0.72%
Per Capita Income   1.81%
Owner Occupied HU   0.38%

Hanover, IN - Peer Comparisons by Rank and Percentile

The table below compares Hanover to the other 696 incorporated cities, towns and CDPs in Indiana by rank and percentile using July 1, 2022 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.

Variable Description Rank Percentile
Total Population # 157 78th
Population Density # 201 71st
Median Household Income # 543 22nd
Housing Affordability Index # 314 45th
Per Capita Income # 679 3rd
Diversity Index # 141 80th

Additional comparisons and rankings can be made with a VERY EASY TO USE Indiana Census Data Comparison Tool.

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