Elmwood, IL
Population 2,254 · Illinois
About Elmwood, IL
Elmwood is a small town located in Illinois with a population of 2,254 residents according to the latest US Census Bureau American Community Survey data. The median household income is $87,644 per year, which is 17% above the national median of $75,149. The median age of 36.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Elmwood features a median home value of $144,600, which is 41% below the national median of $244,900. This makes Elmwood one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $761, 35% below the national average of $1,163/month. Of the 952 total housing units, 76% are owner-occupied (637 units) and 24% are renter-occupied (204 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Elmwood shows an unemployment rate of 2.2%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 11.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Elmwood have an average one-way commute time of 25.1 minutes.
Education & Demographics
37.0% of Elmwood residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 4.6% White, 0.8% Hispanic or Latino, 0.0% Black or African American, and 0.5% Asian residents, with 0.6% of the population being foreign-born.
Cost of Living in Elmwood, IL
Compared to national averages, Elmwood has a median household income of $87,644 (17% above the national median of $75,149). Home values average $144,600, which is 41% below the national median. Monthly rent at $761 is 35% below the US average of $1,163. Within Illinois, Elmwood's income is 17% above the state average of $75,072, and home values are 13% below the state median of $165,779.
Why Live in Elmwood, IL?
Elmwood offers a strong local economy with a median household income of $87,644, well above the national average, and affordable housing with a median home value of $144,600, below the US average of $244,900, and rent that’s lower than the national average at $761/month. Additionally, the city features a strong job market with an unemployment rate of just 2.2%, and a well-educated community where 37.0% of residents hold a bachelor’s degree or higher, and a low poverty rate of 11.5%, better than the national average.
Elmwood has a population of 2,254 with a median age of 36.8 years. Compare Elmwood with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Elmwood
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Casey | 2,258 | $48,631 | $86,000 | Compare |
| Carbon Cliff | 2,248 | $55,000 | $124,600 | Compare |
| Lake Summerset | 2,240 | $105,588 | $226,700 | Compare |
| Sumner | 2,229 | $51,458 | $61,200 | Compare |
| Wayne | 2,284 | $169,583 | $674,000 | Compare |
| Hinckley | 2,286 | $81,625 | $267,600 | Compare |
| Nokomis | 2,213 | $57,625 | $78,400 | Compare |
| Tremont | 2,300 | $77,420 | $200,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Elmwood With Other Cities
Frequently Asked Questions about Elmwood
What is the population of Elmwood, IL?
The population of Elmwood, IL is 2,254 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Elmwood?
The median household income in Elmwood, IL is $87,644 per year, which is 17% above the national median of $75,149.
What is the median home value in Elmwood?
The median home value in Elmwood, IL is $144,600, which is 41% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Elmwood?
The median monthly rent in Elmwood, IL is $761, which is 35% below the national average of $1,163/month.
What is the unemployment rate in Elmwood?
The unemployment rate in Elmwood, IL is 2.2%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Elmwood, IL a good place to live?
Elmwood offers above-average incomes, affordable housing, and a strong job market. With a population of 2,254 and a median age of 36.8, the city appeals to a broad range of residents.
How educated is Elmwood, IL?
37.0% of residents in Elmwood aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Elmwood?
Key cost-of-living indicators for Elmwood, IL: median home value is $144,600 (41% below national), median rent is $761/month, and median household income is $87,644. The home-value-to-income ratio is 1.6x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Elmwood?
The poverty rate in Elmwood, IL is 11.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Elmwood, IL?
Elmwood's population is 4.6% White, 0.8% Hispanic or Latino, 0.0% Black or African American, 0.5% Asian, and 0.0% two or more races. 0.6% of residents are foreign-born.