Elwood, Illinois Demographics & Population 2026
During the 2020–2024 ACS period, Elwood, Illinois had a total population of 2,001, the 503rd largest village in Illinois, with a median household income of $86,458, which is 4% higher than the state average. The poverty rate is 8.1%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Near full employment with an unemployment rate of just 1.6%.
Elwood Quick Facts
How Elwood Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 2,141 | 2,001 | -6.5% |
| Median household income | $73,640 | $86,458 | +17.4% |
| Median home value | $224,900 | $237,500 | +5.6% |
How Elwood Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
A less diverse community where one racial or ethnic group represents a large majority.
State average: 61 | National average: 61
Education
Educational Attainment (Adults 25+)
Elwood Rankings in Illinois
Explore Illinois Rankings
Other Cities in Will County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Joliet | 150,445 | $92,201 | 11.1% | $265,800 |
| Plainfield | 46,708 | $144,000 | 4.2% | $431,400 |
| Romeoville | 41,152 | $106,325 | 5.5% | $257,100 |
| Oswego | 36,375 | $123,792 | 2.6% | $344,500 |
| New Lenox | 28,006 | $140,865 | 1.5% | $399,900 |
| Lockport | 26,409 | $111,981 | 6.8% | $316,000 |
| Crest Hill | 20,628 | $73,033 | 12.0% | $232,900 |
| Mokena | 20,021 | $123,889 | 4.5% | $401,400 |
| Shorewood | 18,343 | $122,105 | 5.2% | $337,800 |
| Channahon | 13,927 | $119,494 | 5.9% | $327,900 |
Cities Similar to Elwood
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Rome | 1,947 | $88,750 | $159,800 | 23.1% | 6.5% |
| Roanoke | 1,967 | $82,063 | $139,900 | 26.3% | 5.5% |
| Hampton | 1,926 | $90,406 | $184,900 | 30.6% | 4.7% |
| Willowbrook | 1,913 | $89,773 | $280,700 | 39.1% | 2.8% |
| Athens | 2,102 | $81,192 | $164,000 | 24.6% | 9.5% |
Population Overview
Elwood is a small community located in Illinois, within Will County. The total population is 2,001. It ranks as the 503rd most populous out of 1,445 Census-designated places in Illinois.
Age Demographics
The median age in Elwood is 41.7 years. This is 7% higher than the state median of 39.0 years. Only 14.5% of residents are under 18, indicating fewer families with children.
Economy, Income & Housing
The median household income in Elwood is $86,458. This is 4% higher than the state median of $83,390. It is also 7% higher than the national median of $80,734. The poverty rate stands at 8.1%. This is 31% lower than the state poverty rate of 11.8%. The unemployment rate is 1.6%. This is 73% lower than the state rate of 5.8%. The median home value is $237,500. Housing costs are 10% lower than the state median of $263,300. With a home-value-to-income ratio of just 2.7x, Elwood is one of the most affordable housing markets in the area. 78.9% of occupied housing units are owner-occupied. This homeownership rate is 18% higher than the state average of 67.1%.
Race & Ethnicity
The largest racial or ethnic group in Elwood is White (non-Hispanic), making up 79.8% of the population. Hispanic or Latino residents account for 12.4%.
Education
16.9% of residents aged 25 and older hold a bachelor's degree or higher. This is 55% lower than the state rate of 37.9%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 96.7%.
Data Sources & Methodology
All demographic data for Elwood, Illinois is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against Illinois state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 1,445 Census-designated places in Illinois. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Elwood, Illinois?
Elwood, Illinois has a population of 2,001 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Elwood, IL?
The median household income in Elwood is $86,458, which is 7% higher than the national median of $80,734.
What is the poverty rate in Elwood, IL?
The poverty rate in Elwood is 8.1%. This means approximately 162 residents live below the federal poverty line.
What is the racial makeup of Elwood, Illinois?
Elwood's population is 79.8% White, 7.1% Black, 12.4% Hispanic/Latino, and 0.0% Asian.
What is the median home value in Elwood, IL?
The median home value in Elwood is $237,500. The home-value-to-income ratio is 2.7x.
How educated is Elwood, Illinois?
16.9% of adults (25+) in Elwood hold a bachelor's degree or higher, and 5.0% hold a graduate or professional degree.