Elwood, Indiana Demographics & Population 2026
During the 2020–2024 ACS period, Elwood, Indiana had a total population of 8,356, the 93rd largest city in Indiana, with a median household income of $53,280, which is 26% lower than the state average. The poverty rate is 19.5%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Only 8.3% of adults have a bachelor's degree, well below the national average of 35.7%.
- Housing is very affordable with a home-value-to-income ratio of just 1.8x.
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 | 8,320 | 8,356 | +0.4% |
| Median household income | $54,084 | $53,280 | -1.5% |
| Median home value | $92,800 | $97,800 | +5.4% |
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: 41 | National average: 61
Education
Educational Attainment (Adults 25+)
Elwood Rankings in Indiana
Explore Indiana Rankings
Other Cities in Madison County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Anderson | 55,367 | $46,909 | 21.0% | $119,000 |
| Pendleton | 5,321 | $86,806 | 9.2% | $248,200 |
| Alexandria | 5,155 | $64,317 | 7.8% | $97,800 |
| Lapel | 2,668 | $79,778 | 6.4% | $220,400 |
| Ingalls | 2,512 | $74,236 | 9.6% | $189,900 |
| Chesterfield | 2,489 | $58,824 | 11.9% | $113,100 |
| Edgewood | 2,121 | $87,770 | 2.9% | $200,100 |
| Frankton | 1,658 | $68,611 | 9.2% | $140,400 |
| Summitville | 1,104 | $52,946 | 21.4% | $101,600 |
| Markleville | 739 | $89,167 | 8.0% | $184,200 |
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 |
|---|---|---|---|---|---|
| Princeton | 8,372 | $57,618 | $128,700 | 8.6% | 16.9% |
| Brazil | 7,831 | $52,055 | $113,900 | 13.5% | 18.6% |
| Tell City | 7,505 | $52,949 | $139,000 | 16.8% | 22.4% |
| North Vernon | 7,078 | $51,429 | $128,600 | 13.9% | 16.7% |
| Greencastle | 9,864 | $55,565 | $169,200 | 22.5% | 12.2% |
Population Overview
Elwood is a small city located in Indiana, within Madison County. The total population is 8,356. It ranks as the 93rd most populous out of 967 Census-designated places in Indiana.
Age Demographics
The median age in Elwood is 43.5 years. This is 14% higher than the state median of 38.1 years.
Economy, Income & Housing
The median household income in Elwood is $53,280. This is 26% lower than the state median of $71,957. It is also 34% lower than the national median of $80,734. The poverty rate stands at 19.5%. This is 58% higher than the state poverty rate of 12.3%. The unemployment rate is 6.2%. This is 45% higher than the state rate of 4.3%. The median home value is $97,800. Housing costs are 55% lower than the state median of $218,200. With a home-value-to-income ratio of just 1.8x, Elwood is one of the most affordable housing markets in the area. 65.2% of occupied housing units are owner-occupied. This homeownership rate is 8% lower than the state average of 70.5%.
Race & Ethnicity
Elwood has a predominantly White (non-Hispanic) population, comprising 91.4% of all residents. Hispanic or Latino residents account for 3.5%. The Black or African American population (0.7%) is well below the state average of 9.1%. The Hispanic or Latino population (3.5%) is well below the state average of 8.6%. The Asian population (0.3%) is well below the state average of 2.6%.
Education
8.3% of residents aged 25 and older hold a bachelor's degree or higher. This is 72% lower than the state rate of 29.5%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 92.3%.
Data Sources & Methodology
All demographic data for Elwood, Indiana 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 Indiana state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 967 Census-designated places in Indiana. 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, Indiana?
Elwood, Indiana has a population of 8,356 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Elwood, IN?
The median household income in Elwood is $53,280, which is 34% lower than the national median of $80,734.
What is the poverty rate in Elwood, IN?
The poverty rate in Elwood is 19.5%. This means approximately 1,591 residents live below the federal poverty line.
What is the racial makeup of Elwood, Indiana?
Elwood's population is 91.4% White, 0.7% Black, 3.5% Hispanic/Latino, and 0.3% Asian.
What is the median home value in Elwood, IN?
The median home value in Elwood is $97,800. The home-value-to-income ratio is 1.8x.
How educated is Elwood, Indiana?
8.3% of adults (25+) in Elwood hold a bachelor's degree or higher, and 1.9% hold a graduate or professional degree.