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Hanover town, IN

ZIP 47243 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 47243

Median Home Value
$172,000
Median Rent
$663
Affordability Snapshot
$47,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,105/mo PITI).

12%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.6x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

21.6 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 47243 in Hanover town, IN, a household would need roughly $47,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,105. That sits below the local median household income ($66,333), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 13% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
74.0%+13% vs US avg
x
Vacancy Rate
12.5%+21% vs US avg
x
Broadband Access
86.9%-0% vs US avg
x
4+ Bedrooms
5.6%-62% vs US avg
x
Built Pre-1939
2.0%-84% vs US avg
x
Built Post-2014
1.4%-79% vs US avg
x
Rent Burden >30%
12.8%-74% vs US avg
x
Mortgage-Free
43.5%+14% vs US avg
x
$172,000
Home Value
$663
Rent
1973
Year Built
2013
Moved In

Residents have lived here since ~2013 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached80.6%
  • 1-unit attached0.8%
  • 2-9 units2.9%
  • 10+ units3.0%
  • Mobile home & other12.6%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$172,000
Median rent$663
Owner-occupied74.0%
Vacant12.5%
Price-to-income2.6x
Est. income to buy$47,000