Hanover Park, IL

Average · 98

Illinois · Population 36,850 · Updated March 2026

$1,478
Median Rent / Month
$92,263
Median Income
$260,900
Median Home Value
$1,520
Owner Costs / Month

Affordability

How far your income goes in Hanover Park

19.2%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Illinois

State-level tax rates that affect your costs

4.95%
Income Tax (Top Rate)
6.25%
Sales Tax
2.07%
Property Tax Rate

Estimated Annual Costs

$17,736
Annual Rent
$4,567
State Income Tax
$5,401
Property Tax (est.)

Cost of Living Overview

Hanover Park has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 98 (where 100 equals the national median), Hanover Park residents can expect to pay median rent of $1,478/month while earning a median household income of $92,263/year.

The median home value in Hanover Park, IL is $260,900, with typical monthly owner costs around $1,520 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.2% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Illinois has a moderate income tax rate of 4.95%. Combined with a 6.25% sales tax rate and 2.07% effective property tax rate, the overall tax environment is a factor in the total cost of living in Hanover Park.

Frequently Asked Questions

Common questions about living costs in Hanover Park

What is the cost of living in Hanover Park, IL?
The cost of living index in Hanover Park, IL is 98 (US average = 100). Median monthly rent is $1,478, median household income is $92,263/year, and the median home value is $260,900.
Is Hanover Park, IL affordable?
Yes, Hanover Park is more affordable than the national average with a cost index of 98. The rent-to-income ratio is 19.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Hanover Park, IL?
The median gross rent in Hanover Park, IL is $1,478 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $17,736.
What is the median household income in Hanover Park?
The median household income in Hanover Park, IL is $92,263 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Illinois?
Illinois has a top income tax rate of 4.95%, a sales tax of 6.25%, and an effective property tax rate of 2.07%.