Elwood, IL
Population 2,141 · Illinois
About Elwood, IL
Elwood is a small town located in Illinois with a population of 2,141 residents according to the latest US Census Bureau American Community Survey data. The median household income is $73,640 per year, which is 2% below the national median of $75,149. The median age of 41.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Elwood features a median home value of $224,900, which is 8% below the national median of $244,900. This positions Elwood in a moderately priced market relative to the rest of the country. Median monthly rent is $986, 15% below the national average of $1,163/month. Of the 966 total housing units, 78% are owner-occupied (721 units) and 22% are renter-occupied (200 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Elwood shows an unemployment rate of 2.5%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 6.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Elwood have an average one-way commute time of 30.2 minutes.
Education & Demographics
14.7% of Elwood residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 12.1% White, 0.2% Hispanic or Latino, 0.0% Black or African American, and 0.9% Asian residents, with 4.3% of the population being foreign-born.
Cost of Living in Elwood, IL
Compared to national averages, Elwood has a median household income of $73,640 (2% below the national median of $75,149). Home values average $224,900, which is 8% below the national median. Monthly rent at $986 is 15% below the US average of $1,163. Within Illinois, Elwood's income is 2% below the state average of $75,072, and home values are 36% above the state median of $165,779.
Why Live in Elwood, IL?
Elwood offers affordable housing with a median home value of $224,900, below the US average of $244,900, and rent that’s lower than the national average at $986/month, and a strong job market with an unemployment rate of just 2.5%. Additionally, the city features a low poverty rate of 6.2%, better than the national average.
Potential considerations include median household income ($73,640) that falls below the national average. However, Elwood’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Elwood has a population of 2,141 with a median age of 41.8 years. Compare Elwood with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Elwood
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Merrionette Park | 2,144 | $53,623 | $152,600 | Compare |
| Athens | 2,146 | $85,000 | $164,200 | Compare |
| Bellevue | 2,158 | $60,769 | $130,300 | Compare |
| Catlin | 2,161 | $67,344 | $119,600 | Compare |
| Vienna | 2,115 | $39,471 | $77,400 | Compare |
| Prestbury | 2,174 | $160,370 | $359,700 | Compare |
| Albion | 2,107 | $56,172 | $93,000 | Compare |
| Pecatonica | 2,178 | $71,500 | $134,900 | 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 Elwood With Other Cities
Frequently Asked Questions about Elwood
What is the population of Elwood, IL?
The population of Elwood, IL is 2,141 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 Elwood?
The median household income in Elwood, IL is $73,640 per year, which is 2% below the national median of $75,149.
What is the median home value in Elwood?
The median home value in Elwood, IL is $224,900, which is 8% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Elwood?
The median monthly rent in Elwood, IL is $986, which is 15% below the national average of $1,163/month.
What is the unemployment rate in Elwood?
The unemployment rate in Elwood, IL is 2.5%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Elwood, IL a good place to live?
Elwood offers a moderate cost of living, affordable housing, and a strong job market. With a population of 2,141 and a median age of 41.8, the city appeals to a broad range of residents.
How educated is Elwood, IL?
14.7% of residents in Elwood aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Elwood?
Key cost-of-living indicators for Elwood, IL: median home value is $224,900 (8% below national), median rent is $986/month, and median household income is $73,640. The home-value-to-income ratio is 3.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Elwood?
The poverty rate in Elwood, IL is 6.2%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Elwood, IL?
Elwood's population is 12.1% White, 0.2% Hispanic or Latino, 0.0% Black or African American, 0.9% Asian, and 6.2% two or more races. 4.3% of residents are foreign-born.