Total monthly cost of ownership
Cost to Own a Home in Hanover, New Hampshire
A $682,000 home here costs
$5,528per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $237,000 a year.
A standard mortgage calculator would have told you $3,718. The real number is $1,810 higher every month, 49% more than the payment most buyers budget for.
Compare Grafton County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Hanover against Grafton County and New Hampshire
| Measure | Hanover | Grafton County |
|---|---|---|
| Median home value | $682,100 | $298,500 |
| Median property tax | $10,001 | $5,624 |
| Effective tax rate | 1.466% | 1.884% |
| Median gross rent | $2,132 | $1,292 |
| Population | 8,520 | 91,759 |
The weather behind that power bill
Hanover sits in Grafton County, which averages a high of 82.0°F in its hottest month and a low of 7.0°F in its coldest, with 42.9" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 333 cooling and 7,847 heating degree days, which is what sets the $171 electricity line above.
See the full climate breakdown for Grafton County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Grafton County
Full Grafton County cost breakdown · Every county in New Hampshire
Talk to someone who works this market
These are Hanover averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Hanover every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Hanover I already own here and may sell
Common questions
How much does it cost to own a home in Hanover?
A $682,000 home in Hanover, New Hampshire costs approximately $5,528 per month with 20% down at 7.24%. That is $3,718 principal and interest, $833 property tax, $169 homeowners insurance, $239 utilities and $568 set aside for maintenance.
What is the property tax rate in Hanover?
Hanover has an effective property tax rate of 1.466%, based on a median home value of $682,100 and median real estate taxes of $10,001. That is lower than the Grafton County average of 1.884%.
What is the average home price in Hanover?
The median owner-occupied home value in Hanover, New Hampshire is $682,100, against $298,500 across Grafton County.
Is it cheaper to rent or buy in Hanover?
Median gross rent in Hanover is $2,132 a month, against $5,528 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Hanover?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Hanover, New Hampshire at today's rate takes a household income of roughly $237,000 a year. That covers the full $5,528 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Hanover, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for New Hampshire.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.