Cost of Living in Elwood, IN
Population 8,320 · Indiana · Data vintage 2023
(100 = US avg)
Elwood sits on the smaller end of the Indiana city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. Unemployment has stayed elevated relative to the national figure — 6.9% as of the most recent ACS release — which shows up in household-income and poverty figures as well.
Located 25 miles northeast of Fishers, Elwood falls within that metro's commuting orbit. Median home values run roughly 75% lower than Fishers' $370,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Elwood
The median home value in Elwood is $92,800 — 70% below the national median of $305,000. Median rent runs $838/month, 36% lower than the national median of $1,314/month. The median household income of $54,084/year is 27% lower than the US median of $74,580. The local unemployment rate is 6.9%, above the national average of 4.8%. Indiana's top state income tax rate is 3.0% and the combined sales tax is 7.0%. Overall, Elwood has a cost of living index of 44 versus the US average of 100, meaning it is 56% less expensive.
Elwood has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Elwood, IN?
Elwood has a cost index of 44 (100 = national average). It is 56% below the national average.
What is average rent in Elwood, IN?
The median gross rent in Elwood is $838 per month based on 2023 Census data.
What is the average home price in Elwood?
The median home value in Elwood is $92,800 according to Zillow and Census data.
What is the median income in Elwood?
The median household income in Elwood is $54,084 per year (2023 ACS 5-year estimates).
What is the sales tax in Elwood, IN?
The combined state and local sales tax rate in Elwood is 7.0%. The Indiana state income tax top rate is 3.0%.
Is Elwood, IN affordable?
Yes, Elwood is generally considered affordable, with a cost of living index of 44 — about 56% below the US national average of 100.
Elwood at a Glance
- Population
- 8,320
- Median Income
- $54,084
- Home Value
- $92,800
- Median Rent
- $838/mo
- Unemployment
- 6.9%
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
Indiana Rankings
Similar Cost Cities
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