Cost Of Living in Hanover, NM

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16%

Overall NAT. AVG.

4%

Groceries NAT. AVG.

47%

Housing NAT. AVG.

Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.

The cost of living index is based on a national average of 100. For example, if the cost of living score is 90, then the estimated cost of living is 10% lower than the national average. If the score is 110, then the estimated cost of living is 10% higher than average. The overall index is calculated using weighted estimates across major everyday expense categories, including housing (30%), groceries (16%), transportation (12%), healthcare (10%), utilities (8%), lifestyle and entertainment (8%), household expenses (8%), and education and childcare (8%). All values are AI-assisted city-level estimates designed for directional comparisons.
Index	Hanover	New Mexico	National
Cost of living	84	94	100
Groceries	96	98	100
Health care	99	98	100
Housing	53	85	100
Transportation	101	98	100
Utilities	96	97	100
Lifestyle & Entertainment	96	96	100
Household Items	98	98	100
Education & Childcare	100	96	100

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Homes For Sale In Hanover, NM

6011 Highway 152

Hanover, NM

11 Martingale Rd

Mimbres, NM

3515x Highway 35

Mimbres, NM

89 Wilson Rd

San Lorenzo, NM

Cost Of Living Quick Facts

The cost of living in Hanover is 10% lower than the New Mexico average
The cost of living in Hanover is 16% lower than the national average
Hanover housing is 47% 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
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Lifestyle index
Household index
Educare index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$64,408	$5,367	$1,503	$1,932
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%

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
San Lorenzo, NM	155	98	2.1%
Cobre, NM	28	98	2.1%
Lake Roberts, NM	39	98	2.1%
Faywood, NM	18	98	2.1%
Lake Roberts Heights, NM	20	98	2.1%
Hanover, NM	158	84	15.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Aubrey, AR	158	75	25.3%
New Edinburg, AR	158	77	23.5%
Amador City, CA	158	143	42.9%
Charleston Park, FL	158	105	4.6%
Morriston, FL	158	103	3.4%
Hanover, NM	158	84	15.7%