Elwood, IL is a small city that offers a high quality of life for its residents. Despite being a smaller city, Elwood has all the necessary amenities and services to make it comfortable to live in. Rent for two-bedroom apartments in Elwood is lower than the US average, only costing $1,300 per month. In addition, Elwood's grocery cost index is significantly lower than the rest of the nation, making it easier on family budgets. There are numerous local companies in Elwood such as Classic Auto Warehousing Co., Greater Midland Paving & Excavating, and Waddell & Reed Financial Advisors that contribute to its successful economy.
Elwood has an unemployment rate of 7.1%. The US average is 6.0%.
Elwood has seen the job market decrease by -0.2% over the last year. Future job growth over the next ten years is predicted to be 27.9%, which is lower than the US average of 33.5%.
Tax Rates for Elwood
- The Sales Tax Rate for Elwood is 8.8%. The US average is 7.3%.
- The Income Tax Rate for Elwood is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Elwood
- The average income of a Elwood resident is $30,957 a year. The US average is $28,555 a year.
- The Median household income of a Elwood resident is $76,339 a year. The US average is $69,021 a year.