Elwood, IN
Population 8,320 · Indiana
About Elwood, IN
Elwood is a small community in Indiana with a population of 8,320 residents. The median household income is $54,084 per year, which is near the national average. The median age in Elwood is 43.7 years.
Housing in Elwood has a median home value of $92,800 and median monthly rent of $838. Of the 4,028 total housing units, the majority are owner-occupied, with 2,221 owner-occupied and 1,255 renter-occupied units.
The unemployment rate in Elwood is 6.9% and the poverty rate is 14.6%. 7.1% of residents hold a bachelor's degree or higher. The average commute time is 27.3 minutes.
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.
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Frequently Asked Questions about Elwood
What is the population of Elwood, IN?
The population of Elwood, IN is 8,320 according to the latest Census data.
What is the median household income in Elwood?
The median household income in Elwood, IN is $54,084 per year.
What is the median home value in Elwood?
The median home value in Elwood, IN is $92,800.
What is the average rent in Elwood?
The median monthly rent in Elwood, IN is $838.
What is the unemployment rate in Elwood?
The unemployment rate in Elwood, IN is 6.9%.