What is the cost of living in Elwood, IN?
According to the most recent data on the cost of living, Elwood has an overall cost of living index of 82, which is 0.8x lower than the national index of 100.
Compared to Indiana, Elwood has a cost of living index that's 0.9x lower than Indiana's index of 90.
The standard of living in Elwood ranks as #12 most affordable out of the 129 places we measured in Indiana. By definition, that implies Elwood ranks as the #117 most expensive place in the Hoosier State.
For more reading on life in Elwood, check out:
Elwood Cost Of Living Vs. Indiana
Six factors go into calculating the cost of living index in Elwood. Here is how it fares on each of the criteria:
The Services index in Elwood is 97.
The Groceries index in Elwood is 93.
The Health index in Elwood is 46.
The Housing index in Elwood is 96.
The Transportation index in Elwood is 92.
The Utilities index in Elwood is 98.
| Living Expense | Elwood | Indiana | National Average |
|---|---|---|---|
| Overall | 82 | 90 | 100 |
| Services | 97 | 97 | 100 |
| Groceries | 93 | 95 | 100 |
| Health | 46 | 72 | 100 |
| Housing | 96 | 98 | 100 |
| Transportation | 92 | 94 | 100 |
| Utilities | 98 | 96 | 100 |
Elwood Cost Of Living Compared To Indiana Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Indiana, check out:
Protect your home budget Compare home warranties in Elwood Get matched →Source: Cost-of-living index 2026, normalized to US average = 100
Elwood, IN Housing Cost Breakdown
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 2020-2024. The key points are:
The Median Home Value in Elwood is $148,428.
The Median Rent in Elwood is $860.
The Median Income in Elwood is $53,280.
The Home Value To Income in Elwood is 2.8x.
The Rent To Monthly Income in Elwood is 0.19x.
Elwood, IN Costs By Category
Detailed Elwood Services costs vs. Indiana
Detailed Elwood Groceries costs vs. Indiana
Detailed Elwood Health costs vs. Indiana
Detailed Elwood Transportation costs vs. Indiana
Elwood SnackAbility
Cost Of Living In Cities Around Elwood
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 117, 1.4x Elwood.
Noblesville, IN has a cost of living index of 103, 1.3x Elwood.
Westfield, IN has a cost of living index of 112, 1.4x Elwood.
| City | Population | Cost Of Living | Vs. Elwood |
|---|---|---|---|
| Carmel, IN | 101,651 | 117 | 1.4x |
| Noblesville, IN | 73,362 | 103 | 1.3x |
| Westfield, IN | 54,677 | 112 | 1.4x |
| Lawrence, IN | 49,517 | 95 | 1.2x |
| Zionsville, IN | 32,095 | 122 | 1.5x |
| Brownsburg, IN | 31,215 | 102 | 1.2x |
| Greenfield, IN | 24,940 | 93 | 1.1x |
| Middletown, KY | 9,763 | 108 | 1.3x |
| Cumberland, IN | 6,267 | 97 | 1.2x |
