Cost of Living in Hanover Park, IL
Population 36,850 · Illinois · Data vintage 2023
(100 = US avg)
The Hanover Park cost-of-living profile is closer to the US median than most headline-grabbing metros — typical homes around $261,000, rents near $1,478 a month.
Located 10 miles east of Elgin, Hanover Park falls within that metro's commuting orbit. Housing prices track closely with Elgin's $252,000 median.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Hanover Park
The median home value in Hanover Park is $260,900 — 14% below the national median of $305,000. Median rent runs $1,478/month, 12% higher than the national median of $1,314/month. The median household income of $92,263/year is 24% higher than the US median of $74,580. The local unemployment rate is 4.5%, below the national average of 4.8%. Illinois's top state income tax rate is 5.0% and the combined sales tax is 8.7%. Overall, Hanover Park has a cost of living index of 96 versus the US average of 100, meaning it is 4% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Hanover Park, IL?
Hanover Park has a cost index of 96 (100 = national average). It is 4% below the national average.
What is average rent in Hanover Park, IL?
The median gross rent in Hanover Park is $1,478 per month based on 2023 Census data.
What is the average home price in Hanover Park?
The median home value in Hanover Park is $260,900 according to Zillow and Census data.
What is the median income in Hanover Park?
The median household income in Hanover Park is $92,263 per year (2023 ACS 5-year estimates).
What is the sales tax in Hanover Park, IL?
The combined state and local sales tax rate in Hanover Park is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Hanover Park, IL affordable?
Hanover Park is near the national average in terms of cost of living, with an index of 96 (100 = US average).
Hanover Park at a Glance
- Population
- 36,850
- Median Income
- $92,263
- Home Value
- $260,900
- Median Rent
- $1,478/mo
- Unemployment
- 4.5%
- Sales Tax
- 8.7%
Nearby Cities
Explore county-level cost of living data
Illinois Rankings
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