The typical owner-occupied home in Elwood is worth about $208,900, 54% below the New Jersey median of $454,400 and 37% below the national median of $332,700. Owners pay a median $5,866 a year in property taxes, about 2.81% of their home's value, higher than the New Jersey rate of 2.11%. The median household earns $85,954 a year, so the median home costs 2.4 times the median income (4.4 times for New Jersey). 100% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Elwood at a glance
| Elwood | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $208,900 | $454,400 | $332,700 |
| Median property tax paid per year | $5,866 | $9,590 | $3,119 |
| Property tax as a share of value | 2.81% | 2.11% | 0.94% |
| Median household income | $85,954 | $103,556 | $80,734 |
| Homes lived in by their owners | 100% | 64% | 65% |
| Owner homes with a mortgage | 65% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,665 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 24.7% | 22.9% | 21.0% |
| Median rent | – | $1,720 | $1,413 |
| Median year homes were built | 1974 | 1970 | 1980 |
| Vacant homes | 0.0% | 7.5% | 10.1% |
| Population | 733 | 9,343,809 | 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 $208,900 with 20% down costs about $1,700 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,048, 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 $72,876 for the 20%-down payment. That payment is 24% of the median Elwood household income of $85,954; at that income and 20% down, the 28% guideline points to a home of about $246,000.
| Down payment | $41,780 |
|---|---|
| Loan amount | $167,120 |
| Principal and interest | $1,124 |
| Property taxes (2.81% a year) | $489 |
| Homeowners insurance (our estimate, 0.5% a year) | $87 |
| PMI | $0 |
| Total per month | $1,700 |
Change the numbers in the calculator
| Down payment | $7,312 |
|---|---|
| Loan amount | $205,116 |
| Principal and interest | $1,380 |
| Property taxes (2.81% a year) | $489 |
| Homeowners insurance (our estimate, 0.5% a year) | $87 |
| FHA mortgage insurance | $92 |
| Total per month | $2,048 |
Change the numbers in the calculator
Questions about home buying in Elwood
What is the median home value in Elwood?
About $208,900 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 $5,866 a year, which is about 2.81% 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 $1,700 a month. Keeping that under 28% of gross income takes about $72,876 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