Cost of Living in Hanover County, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
These figures are county medians, not a personal budget. Use them to frame rent, ownership, and income tradeoffs, then account for household size, commute, financing, insurance, taxes, debt, and local availability before making a decision.
How Hanover County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Hanover County ranks #2,931 of 3,142 counties for affordability (bottom 7%)
Sourced county brief
Hanover County Median Gross Rent Reaches $1,591 Monthly
In Hanover County, Virginia, the median gross rent was estimated at $1,591 per month according to ACS 5-year data. This figure is $421 above the Virginia unweighted county mean of $1,170. The official median gross rent as a percentage of household income (GRAPI) from ACS table B25071 is 27.7%, which is 0.9 percentage points lower than the state unweighted county mean of 28.6%. For homeowners, the median selected monthly owner cost for all units is $1,612, compared to the unweighted county mean of $1,190. The median home value in the county was recorded at $400,400, while the state unweighted mean for counties is $295,808. Renter-household median income was estimated at $68,534. See ACS table B25071 for the underlying estimate.
Source record
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25064 Median Gross Rent
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25071 GRAPI
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25077 Median Home Value
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25088 Selected Monthly Owner Costs
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25119 Household Income by Tenure
Data version acs5-2020-2024 · Method cost-brief-v1
Cost of Living Advisory: Hanover County
Affordability Verdict
ACS B25071 estimates median gross rent at 27.7% of renter household income in Hanover County, which is below the 30% affordability benchmark. This is a median percentage among renter-occupied units, not the share of households above a threshold.
Rent vs. Own
Median gross rent is $1,591 per month; median selected monthly owner costs are $1,612. These ACS medians describe different tenure groups and are not a personalized rent-versus-buy calculation.
Income Needed
Using the common 30% budgeting benchmark, $63,640 in annual gross income would allocate 30% to the county's median gross rent. This is a reproducible illustration, not evidence that a particular household can afford housing.
Regional Context
The Virginia unweighted mean of county median rents is $1,170 per month. Hanover County's $1,591 median is 36.0% above that comparison value.
Data version acs5-2020-2024 · Method cost-advisory-v2
Affordability Calculator
See how your income compares to housing costs in Hanover County
Rent Burden
16.9%
of gross income
Max Housing (28% Rule)
$2,632
per month
Owner Cost Burden
17.1%
of gross income
The median home in Hanover County may be a stretch
Median home value is $400,400. Estimated monthly cost: $3,197 vs. your max of $2,632.
Rent Affordability Guide
Income Needed Calculator
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2020-2024). Data is informational only and is not personalized financial advice.
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