Norwood, IL
Population 501 · Illinois
About Norwood, IL
Norwood is a small community located in Illinois with a population of 501 residents according to the latest US Census Bureau American Community Survey data. The median household income is $68,750 per year, which is 9% below the national median of $75,149. The median age of 37.5 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Norwood features a median home value of $93,500, which is 62% below the national median of $244,900. This makes Norwood one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $1,000, 14% below the national average of $1,163/month. Of the 217 total housing units, 88% are owner-occupied (177 units) and 12% are renter-occupied (24 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Norwood 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 12.7%, above the national average of 12.4%. Workers in Norwood have an average one-way commute time of 28.8 minutes.
Education & Demographics
6.5% of Norwood 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 0.0% White, 3.6% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 1.0% of the population being foreign-born.
Cost of Living in Norwood, IL
Compared to national averages, Norwood has a median household income of $68,750 (9% below the national median of $75,149). Home values average $93,500, which is 62% below the national median. Monthly rent at $1,000 is 14% below the US average of $1,163. Within Illinois, Norwood's income is 8% below the state average of $75,072, and home values are 44% below the state median of $165,779.
Why Live in Norwood, IL?
Norwood offers affordable housing with a median home value of $93,500, below the US average of $244,900, and rent that’s lower than the national average at $1,000/month, and a strong job market with an unemployment rate of just 2.3%.
Potential considerations include median household income ($68,750) that falls below the national average. However, Norwood’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Norwood has a population of 501 with a median age of 37.5 years. Compare Norwood with other cities to see how it stacks up, or explore all cities in Illinois.
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Economy & Education
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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 Norwood
What is the population of Norwood, IL?
The population of Norwood, IL is 501 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 Norwood?
The median household income in Norwood, IL is $68,750 per year, which is 9% below the national median of $75,149.
What is the median home value in Norwood?
The median home value in Norwood, IL is $93,500, which is 62% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Norwood?
The median monthly rent in Norwood, IL is $1,000, which is 14% below the national average of $1,163/month.
What is the unemployment rate in Norwood?
The unemployment rate in Norwood, 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 Norwood, IL a good place to live?
Norwood offers a moderate cost of living, affordable housing, and a strong job market. With a population of 501 and a median age of 37.5, the city appeals to a broad range of residents.
How educated is Norwood, IL?
6.5% of residents in Norwood 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 Norwood?
Key cost-of-living indicators for Norwood, IL: median home value is $93,500 (62% below national), median rent is $1,000/month, and median household income is $68,750. The home-value-to-income ratio is 1.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Norwood?
The poverty rate in Norwood, IL is 12.7%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Norwood, IL?
Norwood's population is 0.0% White, 3.6% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 1.4% two or more races. 1.0% of residents are foreign-born.