Elwood, IN
Population 8,320 · Indiana
About Elwood, IN
Elwood is a small town located in Indiana with a population of 8,320 residents according to the latest US Census Bureau American Community Survey data. The median household income is $54,084 per year, which is 28% below the national median of $75,149. The median age of 43.7 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Elwood features a median home value of $92,800, which is 62% below the national median of $244,900. This makes Elwood one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $838, 28% below the national average of $1,163/month. Of the 4,028 total housing units, 64% are owner-occupied (2,221 units) and 36% are renter-occupied (1,255 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Elwood shows an unemployment rate of 6.9%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 14.6%, above the national average of 12.4%. Workers in Elwood have an average one-way commute time of 27.3 minutes.
Education & Demographics
7.1% 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 2.8% White, 0.8% Hispanic or Latino, 0.2% Black or African American, and 0.6% Asian residents, with 0.6% of the population being foreign-born.
Cost of Living in Elwood, IN
Compared to national averages, Elwood has a median household income of $54,084 (28% below the national median of $75,149). Home values average $92,800, which is 62% below the national median. Monthly rent at $838 is 28% below the US average of $1,163. Within Indiana, Elwood's income is 22% below the state average of $69,330, and home values are 43% below the state median of $163,409.
Why Live in Elwood, IN?
Elwood offers affordable housing with a median home value of $92,800, below the US average of $244,900, and rent that’s lower than the national average at $838/month.
Potential considerations include median household income ($54,084) 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 8,320 with a median age of 43.7 years. Compare Elwood with other cities to see how it stacks up, or explore all cities in Indiana.
Similar Cities Near Elwood
Cities in Indiana with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Princeton | 8,347 | $57,234 | $117,100 | Compare |
| Charlestown | 8,118 | $77,548 | $191,200 | Compare |
| Brazil | 8,064 | $49,331 | $105,900 | Compare |
| Winfield | 7,501 | $128,980 | $401,200 | Compare |
| Tell City | 7,490 | $50,702 | $121,200 | Compare |
| Lakes of the Four Seasons | 7,338 | $116,778 | $300,500 | Compare |
| Scottsburg | 7,338 | $38,027 | $123,900 | Compare |
| Angola | 9,383 | $59,355 | $186,900 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Indiana
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, IN?
The population of Elwood, IN is 8,320 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Indiana.
What is the median household income in Elwood?
The median household income in Elwood, IN is $54,084 per year, which is 28% below the national median of $75,149.
What is the median home value in Elwood?
The median home value in Elwood, IN is $92,800, which is 62% 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, IN is $838, which is 28% below the national average of $1,163/month.
What is the unemployment rate in Elwood?
The unemployment rate in Elwood, IN is 6.9%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Elwood, IN a good place to live?
Elwood offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 8,320 and a median age of 43.7, the city appeals to a broad range of residents.
How educated is Elwood, IN?
7.1% 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, IN: median home value is $92,800 (62% below national), median rent is $838/month, and median household income is $54,084. The home-value-to-income ratio is 1.7x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Elwood?
The poverty rate in Elwood, IN is 14.6%, 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 Elwood, IN?
Elwood's population is 2.8% White, 0.8% Hispanic or Latino, 0.2% Black or African American, 0.6% Asian, and 0.6% two or more races. 0.6% of residents are foreign-born.