Living in Elwood, Indiana
Cost of living, income, home prices, rent and demographics of Elwood · Census data 2020–2024
Elwood has 8,356 residents with a median age of 43.5. The median household income is $53,280 (26% lower than the Indiana median), the median home value is $97,800, the median rent is $860/month.
Elwood at a glance
- Population
- 8,356
- Median age
- 43.5State: 38.1
- Median household income
- $53,280State: $71,957
- Median home value
- $97,800State: $218,200
- Median rent
- $860/moState: $1,062
- Homeowners
- 65.2%
- Bachelor's degree or higher
- 8.3%
- Average commute
- 29 min
Is Elwood a good place to live?
Pros: Home values 55% lower than the state median.
Cons: Median household income 26% lower than the Indiana median; an average commute of 29 minutes; unemployment of 6.2%; a poverty rate of 19.5%.
The weather is best in May–June and August–September.
Cost of living in Elwood
Housing is the biggest part of the cost of living. In Elwood the median home value is $97,800, 71% lower than the U.S. median. Renters pay a median of $860 per month, which is 28.6% of household income. Homeowners with a mortgage pay $949 a month in housing costs.
Elwood median household income
The median household income in Elwood is $53,280 and the income per person is $27,101. 19.5% of residents live below the poverty line (Indiana: 12.3%).
Housing in Elwood: homes for sale and rent
- Housing units
- 3,903
- Owner-occupied
- 65.2%
- Renter-occupied
- 34.8%
- Vacant
- 12.3%Includes seasonal homes
- Median year built
- 1950
- Average household size
- 2.43
Elwood demographics
- Population
- 8,356
- Median age
- 43.5
- Under 18
- 20.1%
- 65 and older
- 15.4%
- Households
- 3,422
- Foreign-born
- 0.5%
- Veterans
- 6.6%Adults 18+
Hispanic or Latino can be of any race. Population history of Elwood ›
Education in Elwood
8.3% of adults 25 and older in Elwood have a bachelor's degree or higher (Indiana: 29.5%), and 1.9% have a graduate or professional degree.
Jobs and commute in Elwood
- Unemployment rate
- 6.2%State: 4.3%
- Average commute
- 29 minState: 24 min
- Work from home
- 4.5%
- Drive alone
- 78.6%
- Public transit
- 0%
- Walk to work
- 0.2%
- Homes with broadband
- 88.3%
Elwood vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Elwood | 8,356 | $53,280 | $97,800 | $860 |
| Frankton | 1,658 | $68,611 | $140,400 | $1,186 |
| Orestes | 243 | $43,125 | $90,900 | $748 |
| Alexandria | 5,155 | $64,317 | $97,800 | $801 |
| Windfall City | 705 | $58,550 | $88,700 | $869 |
| Atlanta | 816 | $69,286 | $148,400 | $1,134 |
| Tipton | 5,280 | $59,828 | $161,700 | $848 |
| Summitville | 1,104 | $52,946 | $101,600 | $760 |
| Arcadia | 1,556 | $66,901 | $182,900 | $971 |
More for people moving to Elwood
Elwood ZIP code ›Weather and climate ›Living in Elwood: FAQ
What is the median household income in Elwood, IN?
The median household income in Elwood is $53,280, 26% lower than the Indiana median of $71,957 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Elwood?
The median home value in Elwood is $97,800, compared with $218,200 in Indiana.
How much is rent in Elwood?
The median gross rent in Elwood is $860 per month, about 28.6% of household income.
Is Elwood, IN a good place to live?
Pluses: home values 55% lower than the state median. Minuses: median household income 26% lower than the Indiana median; an average commute of 29 minutes; unemployment of 6.2%; a poverty rate of 19.5%.
What is the median age in Elwood?
The median age in Elwood is 43.5 years (Indiana: 38.1).
How long is the commute in Elwood?
The average commute to work in Elwood is 29 minutes; 4.5% of workers work from home.
What is the unemployment rate in Elwood?
The unemployment rate in Elwood is 6.2% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Elwood?
8.3% of adults in Elwood have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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