Elwood, IL
Population 2,141 · Illinois
About Elwood, IL
Elwood is a small community in Illinois with a population of 2,141 residents. The median household income is $73,640 per year, which is above the national average. The median age in Elwood is 41.8 years.
Housing in Elwood has a median home value of $224,900 and median monthly rent of $986. Of the 966 total housing units, the majority are owner-occupied, with 721 owner-occupied and 200 renter-occupied units.
The unemployment rate in Elwood is 2.5% and the poverty rate is 6.2%. 14.7% of residents hold a bachelor's degree or higher. The average commute time is 30.2 minutes.
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.
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Frequently Asked Questions about Elwood
What is the population of Elwood, IL?
The population of Elwood, IL is 2,141 according to the latest Census data.
What is the median household income in Elwood?
The median household income in Elwood, IL is $73,640 per year.
What is the median home value in Elwood?
The median home value in Elwood, IL is $224,900.
What is the average rent in Elwood?
The median monthly rent in Elwood, IL is $986.
What is the unemployment rate in Elwood?
The unemployment rate in Elwood, IL is 2.5%.