Cost Of Living in Hanover, NM

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Hanover	New Mexico	National
Cost of living	80	93	100
Goods & Services	94	97	100
Groceries	96	97	100
Health care	98	97	100
Housing	51	86	100
Transportation	96	95	100
Utilities	81	90	100

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Cost Of Living Quick Facts

The cost of living in Hanover is 13% lower than the New Mexico average
The cost of living in Hanover is 20% lower than the national average
Hanover housing is 49% lower than the national average
New Mexico general sales tax is 2% lower than the national average
New Mexico state income tax is 35% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$43,804	$3,650	$1,022	$1,314
Renters	$0	$0	$0	$0

New Mexico Sales Tax

State	General Sales Tax	With Max Surtax
New Mexico	5%	8.688%

New Mexico Income Tax

State	Income Tax (Low)	Income Tax (High)
New Mexico	1.7%	5.9%

Goods & Services

Item	Hanover	National avg.	Difference
Haircut	$24.56	$24.26	1.2%
Beauty Salon	$46.00	$45.56	1.0%
Toothpaste	$3.67	$3.70	0.8%
Shampoo	$1.09	$1.28	15.2%
Movie	$13.00	$12.13	7.1%
Bowling	$14.33	$18.00	20.4%

Groceries

Item	Hanover	National avg.	Difference
Ground Beef	$5.69	$5.84	2.6%
Fried Chicken	$1.32	$1.57	16.1%
Milk	$4.53	$4.67	3.0%
Potatoes	$4.15	$4.93	15.8%
Pizza	$12.38	$12.09	2.4%
Beer	$10.68	$10.41	2.5%

Health Care

Item	Hanover	National avg.	Difference
Optometrist	$150.67	$125.68	19.9%
Doctor	$140.33	$135.78	3.4%
Dentist	$113.72	$113.29	0.4%
Ibuprofen	$10.29	$10.65	3.4%
Lipitor	$517.39	$468.60	10.4%

Housing

Item	Hanover	National avg.	Difference
Home Price	$93,900.00	$184,700.00	49.2%
Avg. Mortgage Payment	$2,303.17	$2,346.69	1.9%
Apartment Rent	$0.00	$949.00	100.0%

Transportation

Item	Hanover	National avg.	Difference
Gasoline	$3.35	$3.46	3.3%
Tire Balancing	$53.65	$59.92	10.5%

Utilities

Item	Hanover	National avg.	Difference
All Electricity	$192.00	$193.99	1.0%
Phone	$189.63	$192.25	1.4%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Faywood, NM	18	93	7.0%
Lake Roberts Heights, NM	20	93	7.0%
San Lorenzo, NM	149	93	7.0%
Cobre, NM	27	93	7.0%
Lake Roberts, NM	38	93	7.0%
Hanover, NM	155	80	19.6%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Aubrey, AR	155	73	26.8%
Louann, AR	155	89	11.5%
New Edinburg, AR	155	80	20.1%
Hardwick, CA	155	115	15.0%
Atwood, CO	155	95	5.5%
Hanover, NM	155	80	19.6%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Hanover, NM