The city was named after John Hancock.
As of the census of 2000, there were 4,323 people, 1,769 households, and 902 families residing in the city. The population density was 1,727.5 per square mile (667.6/km²). There were 1,983 housing units at an average density of 792.4/sq mi (306.3/km²). The racial makeup of the city was 95.95% White, 0.76% Black or African American, 0.93% Native American, 1.06% Asian, 0.02% Pacific Islander, 0.23% from other races, and 1.04% from two or more races. 0.76% of the population were Hispanic or Latino of any race. 32.2% were of Finnish, 14.4% German, 8.2% English, 5.3% Italian, and 5.2% French ancestry according to Census 2000. 94.4% spoke English and 4.4% Finnish as their first language.
There were 1,769 households out of which 23.3% had children under the age of 18 living with them, 39.2% were married couples living together, 9.2% had a female householder with no husband present, and 49.0% were non-families. 38.8% of all households were made up of individuals and 14.9% had someone living alone who was 65 years of age or older. The average household size was 2.22 and the average family size was 2.97.
In the city the population was spread out with 19.0% under the age of 18, 18.0% from 18 to 24, 22.6% from 25 to 44, 20.1% from 45 to 64, and 20.3% who were 65 years of age or older. The median age was 37 years. For every 100 females there were 98.6 males. For every 100 females age 18 and over, there were 97.1 males.
The median income for a household in the city was $28,118, and the median income for a family was $36,625. Males had a median income of $27,090 versus $22,150 for females. The per capita income for the city was $16,669. About 6.9% of families and 14.4% of the population were below the poverty line, including 7.0% of those under age 18 and 15.1% of those age 65 or over.
The birthplace of Mary Chase Perry-Stratton, founder of Pewabic Pottery, "escaped the 1869 fire"; it is now called Pewabic House and run as a museum.
The Kerredge Gallery and the Republic Bank Gallery are both located inside the Copper Country Community Arts Center.
Turquoise Art Gallery is also located in Hancock.
Elementary-school students attend the Gordon Barkell Elementary School (formerly Hancock Elementary School), middle school students Hancock Middle School and high-school students Hancock Central High School.
Hancock is the home of Finlandia University (formerly Suomi College), and several small parts of the campus of Michigan Technological University are also located in Hancock, including a former MTU "underground classroom" in Quincy Mine.
Indian Trails bus lines operates a terminal at the Shottle Bop Party Store, 125 Quincy Street. Until January 31, 2007 this was operated by Greyhound Bus Lines.
In 1902 "Houghton County Traction Company" ran "a trolley system" with service "to nearby towns".
Hancock Public Transit operates a demand bus which will take riders to anywhere in Hancock, Houghton, or Ripley.
The Houghton County Memorial Airport (CMX) is often said to serve Houghton, although it is closer to Hancock it's mailing address is Calumet.
The Jack Stevens Trail runs through the city.