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Hanover city, MN

ZIP 55341 — Housing & Real Estate

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

Upper Middle ClassLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 55341

Median Home Value
$421,500
Median Rent
$1,738
Affordability Snapshot
$116,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,708/mo PITI).

14%
Rent-to-Income Ratio

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

2.8x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

20.2 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 55341 in Hanover city, MN, a household would need roughly $116,000 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 $2,708. That sits below the local median household income ($147,903), 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

Mostly owner-occupied, low vacancy — stable housing market.

Heating Fuel
Housing Metrics
Owner Occupied
91.8%+40% vs US avg
x
Vacancy Rate
2.4%-77% vs US avg
x
Broadband Access
95.8%+10% vs US avg
x
4+ Bedrooms
12.4%-16% vs US avg
x
Built Pre-1939
0.7%-95% vs US avg
x
Built Post-2014
2.1%-69% vs US avg
x
Rent Burden >30%
17.9%-64% vs US avg
x
Mortgage-Free
19.2%-50% vs US avg
x
$421,500
Home Value
$1,738
Rent
2003
Year Built
2012
Moved In

Residents have lived here since ~2012 on average

Housing Structure

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

  • 1-unit detached95.4%
  • 1-unit attached2.1%
  • 2-9 units0.8%
  • 10+ units1.7%
  • Mobile home & other0.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$421,500
Median rent$1,738
Owner-occupied91.8%
Vacant2.4%
Price-to-income2.8x
Est. income to buy$116,000