Cost of living in Elwood research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Elwood is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Indiana, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Elwood is 77, with 100 being the average.
The cost of living index in Elwood is 0.8x lower than the national average.
Elwood ranks as the #10 cheapest in Indiana out of 124.
Elwood ranks as the #78 cheapest out of 6,412 in the US.
The median home value in Elwood is $70,900.
The median income in Elwood is $46,709.
According to the most recent data on the cost of living, Elwood has an overall cost of living index of 77, which is 0.8x lower than the national index of 100.
Compared to Indiana, Elwood has a cost of living index that's 0.8x lower than Indiana's index of 91.
The standard of living in Elwood ranks as #10 most affordable out of the 124 places we measured in Indiana. By definition, that implies Elwood ranks as the #114 most expensive place in the Hoosier State.
For more reading on life in Elwood, check out:
Six factors go into calculating the cost of living index in Elwood. Here is how it fairs on each of the criteria:
The Services index in Elwood is 86.
The Groceries index in Elwood is 88.
The Health index in Elwood is 99.
The Housing index in Elwood is 47.
The Transportation index in Elwood is 95.
The Utilities index in Elwood is 97.
|Living Expense||Elwood||Indiana||National Average|
Housing swings affordability the most between places in Indiana, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Elwood is $70,900.
The Median Rent in Elwood is $748.
The Median Income in Elwood is $46,709.
The Home Value To Income in Elwood is 1.5x.
The Rent To Monthly Income in Elwood is 0.19x.
|Median Home Value||$70,900||$158,500||$244,900|
|Home Value To Income||1.5x||2.6x||3.5x|
|Rent To Monthly Income||0.19x||0.17x||0.2x|
The cost of living varies in the cities and towns around Elwood. Here's a quick look at the cost of living in the most populous nearby places:
Carmel, IN has a cost of living index of 114, 1.5x Elwood.
Noblesville, IN has a cost of living index of 98, 1.3x Elwood.
Lawrence, IN has a cost of living index of 87, 1.1x Elwood.
|City||Population||Cost Of Living||Vs. Elwood|