Elwood, IN is a small town located in Madison County that has a population of over 8,000 people. It is known for its proximity to Indianapolis and its access to major highways. The cost of living in Elwood is relatively low with the average two bedroom rent being $890 compared to the US national average at $1,430. Additionally, the grocery cost index in Elwood is 91 versus 100 in the US. Local companies include Kimball International Inc., Ivy Tech Community College, Hoosier Park Racing & Casino, and INDOT (Indiana Department of Transportation). Overall, Elwood gives residents and visitors a unique blend of rural charm with access to larger cities nearby.
Elwood has an unemployment rate of 5.4%. The US average is 6.0%.
Elwood has seen the job market increase by 2.5% over the last year. Future job growth over the next ten years is predicted to be 35.4%, which is higher than the US average of 33.5%.
Tax Rates for Elwood
- The Sales Tax Rate for Elwood is 7.0%. 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 $18,105 a year. The US average is $28,555 a year.
- The Median household income of a Elwood resident is $46,709 a year. The US average is $69,021 a year.