Elwood, NE
Population 535 · Nebraska
About Elwood, NE
Elwood is a small community located in Nebraska with a population of 535 residents according to the latest US Census Bureau American Community Survey data. The median household income is $68,500 per year, which is 9% below the national median of $75,149. The median age of 51.5 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 $150,700, which is 38% below the national median of $244,900. This positions Elwood in a moderately priced market relative to the rest of the country. Median monthly rent is $775, 33% below the national average of $1,163/month. Of the 269 total housing units, 78% are owner-occupied (171 units) and 22% are renter-occupied (49 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Elwood shows an unemployment rate of 6.1%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 6.6%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Elwood have an average one-way commute time of 22.5 minutes.
Education & Demographics
25.1% of Elwood 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 6.0% White, 1.3% Hispanic or Latino, 0.0% Black or African American, and 3.6% Asian residents, with 3.4% of the population being foreign-born.
Cost of Living in Elwood, NE
Compared to national averages, Elwood has a median household income of $68,500 (9% below the national median of $75,149). Home values average $150,700, which is 38% below the national median. Monthly rent at $775 is 33% below the US average of $1,163. Within Nebraska, Elwood's income is 4% above the state average of $65,895, and home values are 20% above the state median of $125,824.
Why Live in Elwood, NE?
Elwood offers affordable housing with a median home value of $150,700, below the US average of $244,900, and rent that’s lower than the national average at $775/month, and a low poverty rate of 6.6%, better than the national average. Additionally, the city features short commute times averaging just 22.5 minutes.
Potential considerations include median household income ($68,500) 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 535 with a median age of 51.5 years. Compare Elwood with other cities to see how it stacks up, or explore all cities in Nebraska.
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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 Elwood
What is the population of Elwood, NE?
The population of Elwood, NE is 535 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Nebraska.
What is the median household income in Elwood?
The median household income in Elwood, NE is $68,500 per year, which is 9% below the national median of $75,149.
What is the median home value in Elwood?
The median home value in Elwood, NE is $150,700, which is 38% 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, NE is $775, which is 33% below the national average of $1,163/month.
What is the unemployment rate in Elwood?
The unemployment rate in Elwood, NE is 6.1%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Elwood, NE a good place to live?
Elwood offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 535 and a median age of 51.5, the city appeals to established professionals and retirees.
How educated is Elwood, NE?
25.1% 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, NE: median home value is $150,700 (38% below national), median rent is $775/month, and median household income is $68,500. The home-value-to-income ratio is 2.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Elwood?
The poverty rate in Elwood, NE is 6.6%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Elwood, NE?
Elwood's population is 6.0% White, 1.3% Hispanic or Latino, 0.0% Black or African American, 3.6% Asian, and 0.0% two or more races. 3.4% of residents are foreign-born.