The typical owner-occupied home in Elwood is worth about $97,800, 55% below the Indiana median of $218,200 and 71% below the national median of $332,700. Owners pay a median $786 a year in property taxes, about 0.80% of their home's value, higher than the Indiana rate of 0.74%. The median household earns $53,280 a year, so the median home costs 1.8 times the median income (3.0 times for Indiana). 65% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Elwood at a glance
| Elwood | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $97,800 | $218,200 | $332,700 |
| Median property tax paid per year | $786 | $1,614 | $3,119 |
| Property tax as a share of value | 0.80% | 0.74% | 0.94% |
| Median household income | $53,280 | $71,957 | $80,734 |
| Homes lived in by their owners | 65% | 71% | 65% |
| Owner homes with a mortgage | 64% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $949 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 16.9% | 18.1% | 21.0% |
| Median rent | $860 | $1,062 | $1,413 |
| Rent as a share of renters' income | 28.6% | 29.1% | 30.6% |
| Median year homes were built | 1950 | 1976 | 1980 |
| Vacant homes | 12.3% | 8.8% | 10.1% |
| Population | 8,356 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Elwood
At this week's average 30-year rate of 7.11%, buying the median Elwood home of $97,800 with 20% down costs about $632 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $795, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $27,098 for the 20%-down payment. That payment is 14% of the median Elwood household income of $53,280; at that income and 20% down, the 28% guideline points to a home of about $192,000.
The median rent here is $860 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $19,560 |
|---|---|
| Loan amount | $78,240 |
| Principal and interest | $526 |
| Property taxes (0.80% a year) | $65 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| PMI | $0 |
| Total per month | $632 |
Change the numbers in the calculator
| Down payment | $3,423 |
|---|---|
| Loan amount | $96,029 |
| Principal and interest | $646 |
| Property taxes (0.80% a year) | $65 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| FHA mortgage insurance | $43 |
| Total per month | $795 |
Change the numbers in the calculator
Questions about home buying in Elwood
What is the median home value in Elwood?
About $97,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elwood?
Homeowners pay a median $786 a year, which is about 0.80% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Elwood?
For the median home with 20% down at 7.11%, the payment is about $632 a month. Keeping that under 28% of gross income takes about $27,098 a year.
More about Elwood
- Mortgage Refinance in Elwood
- Debt Relief in Elwood
- Home Equity Loans in Elwood
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data