Greenwood, IL
Population 559 · Illinois
About Greenwood, IL
Greenwood is a small community located in Illinois with a population of 559 residents according to the latest US Census Bureau American Community Survey data. The median household income is $138,750 per year, which is 85% above the national median of $75,149. The median age of 41.7 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Greenwood features a median home value of $407,300, which is 66% above the national median of $244,900. This places Greenwood in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,370, 18% above the national average of $1,163/month. Of the 183 total housing units, 79% are owner-occupied (142 units) and 21% are renter-occupied (38 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Greenwood shows an unemployment rate of 2.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 10.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Greenwood have an average one-way commute time of 26.5 minutes.
Education & Demographics
32.1% of Greenwood 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 17.4% White, 5.4% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 10.7% of the population being foreign-born.
Cost of Living in Greenwood, IL
Compared to national averages, Greenwood has a median household income of $138,750 (85% above the national median of $75,149). Home values average $407,300, which is 66% above the national median. Monthly rent at $1,370 is 18% above the US average of $1,163. Within Illinois, Greenwood's income is 85% above the state average of $75,072, and home values are 146% above the state median of $165,779.
Why Live in Greenwood, IL?
Greenwood offers a strong local economy with a median household income of $138,750, well above the national average, and a strong job market with an unemployment rate of just 2.3%, and a low poverty rate of 10.0%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $407,300. However, Greenwood’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Greenwood has a population of 559 with a median age of 41.7 years. Compare Greenwood with other cities to see how it stacks up, or explore all cities in Illinois.
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Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Greenwood
What is the population of Greenwood, IL?
The population of Greenwood, IL is 559 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Illinois.
What is the median household income in Greenwood?
The median household income in Greenwood, IL is $138,750 per year, which is 85% above the national median of $75,149.
What is the median home value in Greenwood?
The median home value in Greenwood, IL is $407,300, which is 66% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Greenwood?
The median monthly rent in Greenwood, IL is $1,370, which is 18% above the national average of $1,163/month.
What is the unemployment rate in Greenwood?
The unemployment rate in Greenwood, IL is 2.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Greenwood, IL a good place to live?
Greenwood offers above-average incomes, a competitive housing market, and a strong job market. With a population of 559 and a median age of 41.7, the city appeals to a broad range of residents.
How educated is Greenwood, IL?
32.1% of residents in Greenwood 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 Greenwood?
Key cost-of-living indicators for Greenwood, IL: median home value is $407,300 (66% above national), median rent is $1,370/month, and median household income is $138,750. The home-value-to-income ratio is 2.9x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Greenwood?
The poverty rate in Greenwood, IL is 10.0%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Greenwood, IL?
Greenwood's population is 17.4% White, 5.4% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 10.7% of residents are foreign-born.