Greenwood, IL
Population 559 · Illinois
About Greenwood, IL
Greenwood is a small community in Illinois with a population of 559 residents. The median household income is $138,750 per year, which is above the national average. The median age in Greenwood is 41.7 years.
Housing in Greenwood has a median home value of $407,300 and median monthly rent of $1,370. Of the 183 total housing units, the majority are owner-occupied, with 142 owner-occupied and 38 renter-occupied units.
The unemployment rate in Greenwood is 2.3% and the poverty rate is 10.0%. 32.1% of residents hold a bachelor's degree or higher. The average commute time is 26.5 minutes.
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 Census data.
What is the median household income in Greenwood?
The median household income in Greenwood, IL is $138,750 per year.
What is the median home value in Greenwood?
The median home value in Greenwood, IL is $407,300.
What is the average rent in Greenwood?
The median monthly rent in Greenwood, IL is $1,370.
What is the unemployment rate in Greenwood?
The unemployment rate in Greenwood, IL is 2.3%.