Hanover, IN Profile: Facts & Data

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Hanover, Indiana - Basic Facts

The Hanover had a population of 3,673 as of July 1, 2023. Hanover ranks in the upper quartile for Population Density and 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. Jefferson County is in the Eastern time zone (GMT -5).

It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

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


Jump to... (On This Page!)
  1. Hanover 2023 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 - 2023 Demographics
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Hanover, IN Data & Demographics (As of July 1, 2023)

POPULATION

Total Population 3,673 (100%)
Population in Households 2,596 (70.7%)
Population in Families 1,993 (54.3%)
Population in Group Quarters1 1,077 (29.3%)
Population Density 1,653
Diversity Index2 32
 
 

INCOME

Median Household Income $51,896
Average Household Income $72,011
% of Income for Mortgage4 19%
Per Capita Income $21,516
Wealth Index5 48
Socioeconomic Status Index6 Moderate (49.9)
 

HOUSING

Total HU (Housing Units) 1,229 (100%)
Owner Occupied HU 687 (55.9%)
Renter Occupied HU 408 (33.2%)
Vacant Housing Units 134 (10.9%)
Median Home Value $159,615
Average Home Value $186,354
Housing Affordability Index3 135
 

HOUSEHOLDS

Total Households 1,095
Average Household Size 2.37
Family Households 675
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.
  6. The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR

2020-2023 2023-2028
Population -0.58% 0.38%
Households 0.45% 0.68%
Families   0.64%
Median Household Income   1.77%
Per Capita Income   2.09%
Owner Occupied HU   1.28%

Hanover, IN - Peer Comparisons by Rank and Percentile

The table below compares Hanover to the other 973 incorporated cities, towns and CDPs in Indiana by rank and percentile using July 1, 2023 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 84th
Population Density # 205 79th
Median Household Income # 784 20th
Housing Affordability Index # 435 45th
Per Capita Income # 945 3rd
Diversity Index # 173 82nd

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

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